Iglesias, who has come under increasing pressure from disgruntled fans in recent months, is attempting to offload Zaragoza after failing to attract external investment to support his ownership. The club currently sits at the bottom of the Liga table and is in administration with reported debts of more than Eur110 million.
A statement on the club’s official website read: “The president of Real Zaragoza, Don Agapito Iglesias Garcia, has decided to put his stake up for sale with immediate effect.”
Zaragoza is one of a number of Spanish clubs to be struggling with debts as the country’s wider economy attempts to deal with spiralling unemployment that has reached 23%.
On Wednesday, the Spanish Football Federation said it would voluntarily waive its allotment of government money to help the country’s ailing financial predicament.
The federation, which reportedly receives around Eur3 million per year from the government, said that due to the “precarious circumstances of the economy” it would like the funds to be put towards other sports.