Judge considering embargo of Al-Thani's shares in Malaga CF

Judge considering embargo of Al-Thani's shares in Malaga CF
  • Tuesday was the deadline to put up a deposit but the Qatari family's alternative proposal has been rejected

The future of Malaga CF continues to hang in the balance. Tuesday marked the deadline for the Al-Thani family, the majority shareholders, to pay a 5.4-million-euro deposit as the investigation into their running of the club continues. This figure was calculated based on the loans the family took out from the club and have not yet repaid.

Lawyers representing the family, however, came up with an alternative arrangement for covering the fee: 4.2 million euros of credit from the tender for the failed La Bajadilla marina project, plus a property in Qatar. The judge overseeing the investigation, María de los Ángeles Ruiz, examined this offer but decided on Thursday that this didn't cover the full amount and therefore rejected it.

The judge had already requested an audit of the family's assets in Spain with a view to an embargo in the event of the deposit not being paid. However, their assets in the country are mostly limited to their shares in Malaga CF. As a result, the Al-Thanis could see their stake in the club frozen.

Administration continues

Meanwhile, with the Al-Thanis out of the picture with regard to running the club, the tenure of judicial administrator José María Muñoz has been extended by a further six months.

Muñoz was initially appointed in February for six months with the option to extend for a further six. With the case against the Al-Thanis not making any major progress during that time, Muñoz will now stay on.

While he has been working to slimline the organisation and balance the books, it is also understood that Muñoz has held at least three meetings at La Rosaleda with parties interested in buying the club.

Despite the uncertainty surrounding the current ownership, Malaga is nonetheless considered an attractive proposition with much of the infrastructure of a Primera team already in place and huge potential for growth.

Muñoz is said to have told the interested parties that the club is heading in the right direction but also explained how no sale could take place until legal proceedings had concluded.