Malaga seal five-million-euro loan to remain solvent and kickstart construction on the Academy

The club now has sufficient cash to meet all of its financial commitments, including pay-offs for the players and staff included on the mass redundancy plan and the restructuring of every department

Antonio GÓNGORA

Friday, 20 November 2020, 18:06

Malaga's judicial administrator in the absence of the Al-Thanis, José María Muñoz, has managed to secure a five-million-euro loan to help the club to stay afloat and meet its costs in the coming months, according to SUR sources.

While sporting director Manolo Gaspar successfully juggled the playing staff to comply with the 3.6-million-euro salary cap (confirmed as the lowest in all of Segunda this week and imposed by La Liga) savings elsewhere in the club have not quite managed to guarantee solvency.

This loan, however, will mean the club now has sufficient cash to meet all of its commitments, including pay-offs for the players and staff included on the mass redundancy plan and the restructuring of every department.

These expenses are in addition to the fallout of the pandemic which has resulted in an enormous drop in revenue. Playing behind closed doors alone means a loss of a quarter of income.

Academy project to restart

Another project pending for Muñoz has been restarting the construction of the Academy. SUR has learned that work can resume shortly after Hermanos Campano were given the contract to complete the project started by Bilba but halted when funding became an issue after Malaga's relegation from La Liga.

The Malaga-based company are tasked with completing the project at Arraijanal for three million euros.

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