Málaga approves its accounts with losses of ten million

The General Meeting of Shareholders of Malaga has unanimously approved the accounts for the 2019-20 season this afternoon, whose management was supervised from the end of February to June by the club's judicial administrator, José María Muñoz. The administration of the club during the previous months corresponded to Richard Shaheen, former general director and last man of confidence of the Al Thani family in the entity. The numbers for the last year show a loss of ten million euros.

José María Muñoz chaired the meeting and served as representative of the companies NAS Spain 2000, which owns around 97 percent of the shares, and NAS Football. Also present were the minister of protocol and institutional relations Francisco Martín Aguilar and the Association of Small Shareholders of Málaga, attended by its president, Antonio Aguilera, Jesús Burgos and the lawyer Francisco Valverde. Rafael Paniza, from the Garrigues law firm, served as secretary. Muñoz and Paniza were assisted by Joaquín Almoguera under the notarial presence of Manuel Tejuca García.

During the question and answer session, the members of the APA were interested in the details regarding the credit of five million euros that Malaga has received in order to meet the season's treasury commitments and they have asked the administrator for the possibility of carrying out a capital increase, an option that Muñoz has been studying for months and that is presented as one of the main ways to re-float the club's economy and give a boost to the entity.