Malaga CF have announced that they will be making a number of first team players redundant in an effort to improve their financial situation off the back of the COVID-19 pandemic.
The Spanish second-tier outfit had already moved to lay off staff in May, stating that the “restructuring of the club” was one of the only ways to protect the future of the club, after feeling the detrimental financial impact caused by the shutting down of football in the country.
Not so long ago, the future fortunes of Malaga looked bright, having qualified for the 2012/13 UEFA Champions League, they reached the quarterfinals of the competition and aspired to become not just one of the strongest teams in La Liga but Europe too. However, the club faced relegation in 2018 and have suffered financially since.
Up to ten players will be made to depart the club, whilst the remaining few can only be held on to if they agree a wage cut of up to 80 per cent, meaning salaries will be capped at €200,000 per year, according to Marca.
The La Liga Segunda club released a statement outlining the reasoning behind the redundancies that they would be making.
“This new restructuring is part of the new financial plan that hopes to take the club out of the complicated financial situation it still finds itself immersed in despite recent efforts.
“The club feels obliged to take this step for the good of the club and hopes that Malaga season ticket holders and supporters understand and support this new move, the only objective of which is to bring hope to the club once again.”
Malaga CF’s financial issues have long been discussed within Spain, especially since their relegation to the second tier in 2018. In 2010, Qatari businessman Abdullah Bin Nasser Al Thani, purchased the club and oversaw the club finish fourth in 2012 to qualify for the UEFA Champions League for the first time in the clubs history.
In spite of this, Al Thani began to struggle financially, which saw some of the squads best players leave the club and eventually relegation caught up with the team.
In February, Al Thani was removed from his position as president by the court for six months after charges were brought against him and in May, he was ordered to be removed as the majority stakeholder and his investment was transferred to BlueBay.
Author: Jake Wilkin