Administrators to review Iberostar contract

Real Mallorca’s bankruptcy administrators are closely studying the contract established with Iberostar on the 27th August to rename the stadium for three years. The deal would bring in an additional £850,000 for Mallorca after the contract with ONO expired.

The administrators want to know how the sudden depreciation of the stadium name has come about after ONO’s four year contract worth £3.2 million was massively over the £850,000 that Iberostar are currently paying. But the club, however, has defended the deal saying the original contract with ONO did not conform to market prices.

With the club being in administration, any financial deal needs to be countersigned by the administrators. So whilst the deal with Iberostar may have been finalised, there is a possibility the contract could be rescinded.