(Reuters) - Spain's Extremadura UD are set to go out of business for the second time in little over a decade after their president and sole shareholder Manuel Franganillo said on Monday that he was putting the club into liquidation.
The team, named after the autonomous region of the same name in the west of Spain, bordering Portugal, were founded in 2007 by Franganillo after Extremadura CF were plunged into the fifth tier of Spanish football before eventually folding in 2010.
"I own all the shares and I'm sending the club into liquidation," Franganillo told newspaper Marca.
"It's in the best interests of my family. I don't want to sell the club, I'd rather it disappeared."
Extremadura CF spent two seasons in La Liga, last winning promotion to the top flight in 1998 under Rafa Benitez before being relegated in the following campaign.
Playing at the same Francisco de la Hera stadium as the old side, Extremadura UD were promoted to Spain's second division in 2018 but were relegated to the third tier last season and have been beset by financial problems since.
The Marca report said the club's players had not received their salaries for three months.
"I have lost the excitement I had when I founded the club," added Franganillo. "I gave my word to the players but have not fulfilled it. I was going to pay them what they were owed today but suddenly I don't want to know anything about football."
(Reporting by Richard Martin; Editing by Ken Ferris)