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25th May 2010 Comments (2) Views: 170 Club News

Bankrupt

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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.

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2 Responses to Bankrupt

  1. […] de Mallorca were hugely critical of the plans for Lluís Sitjar Nou saying there was more joy when Alemany announced bankruptcy. They were also critical of the choice of architect. Guillem Reynés is the same man who designed […]

  2. […] for Los Bermellones who have not been allowed to self-manage for nearly two years following their entry to bankruptcy in May 2010. They will no longer need to seek administerial approval for transfer and contract […]

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