The company which manages the Costa del Sol racecourse, Recursos Turísticos de Mijas, has filed for bankruptcy.
This has come as no surprise to Mijas council, as it had been on the cards for several months.
The decision puts an end to the joint venture company which was formed between the town hall (93%) and Unicaja (7%), which the local authority says should have been wound up in 2014, during the mandate of former mayor Ángel Nozal.
The company has numerous debts, including one of nearly four million euros to Mijas town hall in unpaid rent.
After years of difficulties, the council says the premises “can now be put to good use for a project which all the people of Mijas can enjoy”.