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Tívoli World is 'viable' despite its 11-million-euro debt says bankruptcy administrator

Tívoli World opened its doors in July and August last year despite the pandemic.
Tívoli World opened its doors in July and August last year despite the pandemic. / SUR
  • The town's mayor says, 'Tívoli is an iconic brand for Benalmádena and the rest of the Andalusian community: it is the first and only amusement park on the Costa del Sol'

The future of Tívoli World in Benalmádena on Spain’s Costa del Sol could be viable, although this would require taking on a high debt and making major investments.

That is the main conclusion that the bankruptcy administrator of the park, Juan Carlos Sánchez, who confirms that the situation is "very serious, but not irreversible".

According to the administrator, during the months that Tivoli was open in 2020 (July and August), the park was able to recoup 50 per cent of the takings of the previous year; a figure that made it possible to pay all current expenses.

Sánchez concludes, therefore, that if in “a complex moment with the practical absence of tourist activity - due to the pandemic - the park is capable of not losing money, in a normal situation it would be viable.”

He recognises that for this to happen the new owners would need to undertake major investments that have been postponed for too long.

However, that is the only positive part of the report.

The debt currently amounts to 11 million euros. According to the administrator, nine million correspond to public debt (tax and social security), while the rest is split between the Benalmádena town hall, various banks and other providers.

Tívoli World has been centre of court battles over the ownership of the park for several years with a dispute between Rafael Gómez, who acquired the park in 2004, and sold it through his company Arenal 2000 to Tremón in 2007. Gómez later claimed that he never received the agreed money from them.

The matter is still pending to be resolved and bankruptcy administrator Juan Carlos Sánchez maintains that, although the business is viable, the future of Tívoli will depend on how this dispute is resolved.

"From there we will see," said the administrator.

Emblematic brand

Given the information in the new report, the mayor of Benalmádena, Víctor Navas, said, “We have received both good and bad news: the bad news is that Tívoli has debts that today weigh down its business development, and more in the current context of pandemic; but the good news is that the report shows that the park is viable."

"We have been working for some time to find investors who could guarantee the viability of the park. Tívoli is an iconic brand for Benalmádena and the rest of the Andalusian community: it is the first and only amusement park on the Costa del Sol, and from the council we have full confidence in its commercial possibilities," said the mayor.