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Profile: Real Mallorca
Real Mallorca was a participant or observer in the following events:
Real Mallorca, which finished fifth in the recently concluded La Liga season, applies to go into bankruptcy administration. The club has a debt of €85m (US$103m). Majority shareholder Mateu Alemany comments: “Over the past two years, Mallorca has suffered a very complex economic situation, with serious financial problems and an inability to meet its commitments. This is a legal instrument that enables Mallorca to see the future in another way—to have a budget structure that has logic and controls debt, to take stringent budgetary measures to bring spending in line with earning capacity.” According to a recently published report into Spanish football finances (see May 18, 2010), Mallorca made a loss of €5.2m for the 2008-2009 season, on revenues of €28.1m. Its playing staff budget for the 2009-2010 season was €34.6m. [Forbes, 5/19/2010]
UEFA bans the Spanish football club Real Mallorca from European competition because it is not in compliance with its financial regulations. Mallorca has had a successful season and qualified for the Europa League, but went into administration in May (see (May 19, 2010)). Villareal is set to take Mallorca’s place in the competition if an appeal is unsuccessful. [Sport Business, 7/23/2010]
Real Mallorca appeals to the Union of European Football Associations (UEFA) to reverse a recent decision banning the club from next season’s Europa League. The club was banned from European competition (see (July 22, 2010)) because it is currently in administration and not in compliance with UEFA’s financial guidelines (see (May 19, 2010)). At the same time as the appeal, Mallorca issues a statement pointing out that the ban will make its financial situation worse, as it would deprive the club “of a series of revenue in different concepts, such as ticketing, sponsorship, and income from the competition.” It adds, “Ethically and legally, RCD Mallorca believes reason is on their side and [the club] will not relent in the effort to show that he has earned the right to challenge the Europa League.” [Goal, 7/26/2010]
UEFA upholds a decision banning Spanish football team Real Mallorca from European competition (see (May 19, 2010), (July 22, 2010), and July 26, 2010). “At its meeting on July 14, 2010, the club financial control panel unanimously concluded that the licence had not been correctly awarded to RCD Mallorca and that the club did not sufficiently fulfil its financial obligations,” says UEFA of the reason for the ban. Mallorca indicates that it will appeal to the Court of Arbitration for Sport. [AFP, 7/30/2010]
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