Tivoli World theme park goes into administration

Tivoli World theme park goes into administration
  • The iconic Benalmádena attraction is in the hands of a court-appointed administrator, who will decide whether the park is financially viable or whether to send it into liquidation

Benalmádena's iconic theme park, Tivoli World, which opened in 1972, has gone into administration.

The firm running the park, Compañía Internacional de Parques and Atracciones SA (Cipasa), has been replaced by an administrator appointed by a Malaga mercantile court: lawyer Juan Antonio Sánchez.

He now has the job of drawing up a report to determine whether the park's activity is viable or whether it should go into liquidation.

Sánchez told news agency Efe on Tuesday that Cipasa has filed an appeal against the imposed administration which will be heard by the provincial court. Meanwhile though, the process can continue.

Sánchez said that Tivoli's main creditors are the tax office (Hacienda) and the Social Security, which are owed between eight and ten million euros.

While the administrator studies the viability of the park, Tivoli will remain open this summer, with some restrictions due to the Covid-19 regulations.

Legal battle

The theme park is still at the centre of a legal battle stemming from its sale by the firm Arenal 2000, owned by Cordoba businessman Rafael 'Sandokán' Gómez, to the real estate company Tremón in 2007.

The park was included in a larger deal that involved a total of seven million square metres of land around Andalucía. Sandokán claimed that the agreed sum had not been paid and took Tremón to court.

The dispute is still going through the courts leaving the paradoxical situation that Tivoli is in the name of Tremón but being run by Cipasa, a firm linked to Sandokán.

This prevented Tremón from embarking on an ambitious 300-million-euro expansion and modernisation project for Tivoli announced in 2017.

Tivoli World was opened in 1972 by Norwegian businessman Bent Olsen, who sold the park to Arenal 2000 in 2004.