Gonzalo Hervás, CEO of BlueBay, has publicly reaffirmed the distance that currently exists between the hotel company and the judicial administrator of Malaga, José María Muñoz. The credit policy with a maximum drawdown of 8.6 million euros has caused the latest controversy between the two entities. Despite the forceful position of the judge against BlueBay in the order issued on May 26, Hervás insists on pointing out that opening that line of credit and points once again to the capital increase as the best solution for the current situation of the club.
“At this moment, the club does not have a debt operation but a capital increase operation because that is what will strengthen the balance sheet, resources, and equity of the company and allow it to face the immediate future with more solidity. I remember that a capital increase the company does not have to repay, a loan does. And another thing that has been commented, the characteristics of the operation, which are quite indeterminate. Launch an operation with a maturity of one year with eight million euros, as I think we will agree that Málaga is not able to return that operation. We are concerned and express an unfavorable opinion. It is not our role to enter into that transaction, in that operation. Let's not lose sight of that has already borrowed five million (loan granted through LaLiga to be repaid in five years) and now he's going for eight. They are already starting to be worrying numbers“, explained Hervás in BE Malaga.
Muñoz and the judge say that the litigation that Al Thani and BlueBay keep open greatly complicates the implementation of a short-term capital increase, but from BlueBay they show their total disagreement with this position: “A parallel process can be done to the capital increase so that when the case is resolved the definitive partner will be there. You gain that time. From there, as in any society, it has its formalization. Do not paint it as such a complex subject. It is much more ordinary and simple than what you are trying to make see“.
As for his battle in the courts with Al Thani, Hervás was confident that the Provincial Court ratifies the sentence in favor of BlueBay: “We believe that the sentence is very well founded and argued, that the facts are what they were and that it is a legitimate reality that Al-Thani broke through his illegal actions. Now we understand that it is normal for them to confirm the same sentence. The percentage of sentences revoked is considerably lower. I dare not go further than this. The normal thing would be for it to be confirmed, the abnormal thing is for it to go backwards. Al Thani has filed three different appeals, with different arguments, texts, and so on. As of today, none of those three firms continues to represent you. So I do not know. The usual incoherence. Nothing different from previous trials. He has not even been in line with his previous attorneys, who are no longer any. “
Another issue that has raised dust regarding BlueBay is the claim for 2.6 million euros for the advertising contract signed in 2013 that the hotel never paid. “The administrator gave us a notarial request to explain that point and it was explained to him through the same notary and all the explanations that had to be given have been given. From there the administrator has to determine if it is enough or believes that it is not. He has never called us on this point. He has my phone and in a moment I'm with him. It has been asked in a formal way and it has been answered in the same way. What can you do? If you believe that BlueBay still has a debt with the club, which I already say that it does not, because you will have to claim by commercial means and we defend the opposite position. That contract was signed, those promissory notes were delivered, and that contract was voided.. These promissory notes have a series of formalities, they have never been presented for collection. It is an issue that we would like the administrator to clarify, “said Hervás.
Andrés Fassi, BlueBay's option to lead your project
Thinking about a possible future landing as majority shareholders of Malaga, at BlueBay they have very much in mind the figure of Andrés Fassi, as he pointed out Malaga Opinion. Fassi is a 59-year-old Argentine executive little known in Europe but who has successfully led soccer projects in South America. Specifically, in Argentina (Workshops), Mexico (Pachuca), Chile (Everton) and Uruguay (Athens). A few months ago he was linked to Recreativo de Huelva and came to recognize that he was considering several options to take control of a Spanish club.
“We have been working on the ideas of the project to be executed for some time, knowing that everything has its moment. Now times are set by justice. This moment is coming and we have evaluated which allies Malaga can have with sporting wisdom that they can build a project in the style of what we really want. He has done many things in Argentina and Mexico. There are not many better benchmarks when it comes to value creation in a club growth project. He is a person with enough entity to lead the project, he is not a newcomer and you can entrust him with a facet of the club perfectly. We would like to be able to close this page with him. It will be a great ally. It would come from our hand, it would add value. Some will contribute more in sports, others in La Academia … “, concluded Hervás.