Malaga CF explain financial woes during tense press conference

THE club’s legal representative Joaquín Jofre and sporting director José Luis Caminero sat down at a press conference on Monday to discuss the clubs future as crippling financial woes leave the side at the brink of collapse.

The aim of the conference was to outline the outcome of meetings held to help secure the clubs future.

“If we don’t do anything, yes [it could happen]. But that would be an absurd thing to do. We are making changes so that the club survives but there is still danger, like in any business.” Explained Jofre.

The club’s debt currently sits around €6 million and with expenditure still higher than income, the club could be facing collapse by January 2020.

La Liga chiefs met prior in Madrid to discuss possible outcomes of the teams current situation, including restructuring of team staff, selling of players and changes in commercial revenue.

A meeting was also held by Malaga mayor Francisco de la Torre and attended by video call by La Liga chief Javier Tebas in Malaga town hall to further discuss solutions.

During the meeting, both parties expressed their unwavering support for the club and also committed to a more thorough monitoring of the clubs activities.

Most notable from all three press conferences and meetings was the absence of current club owner Sheikh Abdullah Al-Thani. Neither himself or representatives accepted invitations to attend the meetings, leaving fans and officials concerned for their commitment to the club.

Currently Al-Thani takes home €1.4 million per year as a salary, with a bill of €4.35 million currently owed to him. Club chiefs have suggested that a return or reduction on this ‘credit’ “would help” the clubs financial situation.