Bankrupt

This morning at Commercial Court no. 2 in Palma de Mallorca, the club filed voluntarily for bankruptcy for debt between £42.5m and £51.3m. As confirmed by the spokesman, the club have provided financial information proving their situation.

The owner, Mateo Alemany, had reported in February to the court his intention to compromise with creditors of the club a payment schedule to address the lack of liquidity of the treasury. That intention was ratified last week after a board of directors unanimously approved to file for bankruptcy, something which Alemany called the “solution and not the problem”.

Alemany made public on several occasions the suffocating economic situation of the entity to meets its immediate commitments, including debts to the tax office and to pay the salaries of players and coaching staff led by Gregorio Manzano.