Mallorca – Show me the Money II

€85 million in debt

Here's the second of two articles from today's Diario de Mallorca with a financial theme.

The owner of Real Mallorca, Javier Martí Mingarro is in town trying to find a buyer for the club which has enormous financial problems. It's over €85 million in debt and the current financial situation has made it impossible to source or obtain new lines of credit.

Martí Mingarro, who bought 93% of the shares of the club for €4.25 million only last August now says that he hasn't got a single Euro to help the club. He's hopeful of finding a buyer who can make a much needed cash injection into the club which has – as you would imagine – rather large wage bills.

The team has made its best start for years, and came away from Atletico Madrid last week with a last minute draw despite having only 9 men on the pitch for a large part of the game. They are currently 6th in the league.

Published 30 October 2009 Stephen White.