‘Malaga have cleared most debt’

Malaga general manager Vicente Casado has reiterated the club’s debt free situation with the tax authorities and detailed other outstanding debts.

The club’s Vice-President Moayad Shatat two weeks ago commented that the club had cleared its debts with the Hacienda [Spanish tax authorities] and labelled the Anchovies ‘an example to UEFA’.

Following this up, the Costa del Sol outfit’s general manager has this week explained further the club’s financial make-up.

“Over the last few years, the sporting success of the club has been fantastic, but there have also been numerous internal difficulties,” mused Casado.

“We’re working hard to ensure that these problems don’t happen again. With regards to the club’s budgets, we’ve come a long way and now have a balanced budget of €42m.

“The Sheikh [Abdullah Al-Thani] invested over €150m into this project, which generated a debt of over €100m. We then changed our strategy in the summer of 2012 and sold players in order to pay what was owed. 

“It was a tough change to make to the strategy, but the reality is that before the Sheikh arrived, we had a €25m budget, which has now risen to €42m. This cash injection made by the Sheikh has generated a much higher revenue, and double the amount of revenue from audio-visual rights. We now have the 11th highest budget in the League.

“I’d also like to say that a major part of the debt has now been settled. There is absolutely no debt owed whatsoever to the tax office, Hacienda. All the players’ salaries are also up to date.

“The club’s remaining debt? We’re negotiating part of the debt, but it is now a manageable amount. The money owed is mainly due to people from previous years.

“To this point, we have paid €103m in finance. We estimate it will be completely cleared within one or two years.

“The club is straightening itself out and we’re going to keep working hard so we can continue to grow. There is an estimated growth of between €4m and €5m next year.

“Finally, I’d like to thank the National Sports Council and the Professional Football League for all their support. I’d also like to mention our Vice-President, who has helped and supported the club throughout. 

“I must also thank the fans, as without them, none of this is possible. Thanks as well to the Press for their understanding.”

Malaga sold a majority of its squad from last season over the summer transfer market that followed, but Casado has promised that future transfer windows won’t see the same activity.

“There isn’t the same urgency to sell players as before. In July 2012, we were in a position where we needed to sell. 

“In order to keep growing as a club, it’s important that we’re self-sufficient and a club able to sell players, but always ensuring we make the right decisions. 

“I can’t say that we’ll never sell any more players – if an offer is made by another club, and the player wants to leave, then we can’t do much about it. 

“To date, we haven’t received any offers for any of the players.”

Tags Al Thani Casado Debt Hacienda Tax