President Jaume Cladera reveals Real Mallorca economic survival plan

Real Mallorca have at last been given some good cheer before the Christmas break with the news that the club’s creditors have agreed to accept a 50% discount on money owed with the proviso it is paid within five years. The decision was taken at a meeting of creditors held in the island’s capital Palma and the arrangement, approved by a margin above the minimum that had been forecast, guarantees Mallorca’s economic survival for the foreseeable future.

The club’s debt, revealed by club President Jaume Cladera and legal advisor Miguel Coca, is understood to be €40m to be paid over a five-year period: €13m owed to 200 creditors in annual payments and another €27m going to the Tax and Social Security offices. However, Cladera was delighted with the progress made after 18 months in administration, and said: “For Mallorca today is an exceptional day of immense satisfaction, in which we enter a new era characterised by cost containment in the hope of fulfilling our obligations.” Coca commented: “We have avoided the club’s demise by this vote and have taken an important step to prevent its disappearance.”

A great number of creditors chose to vote for the payment option put forward by the club, although current Atl

Related posts

Leave a Comment