The changes in the SA notably reinforce the faction led by Alvariño, who challenged, together with Ifer, agreements of the previous team to lower the rental price –The association has a monthly fee of 12,000 euros– or the renegotiation of the mortgage with Abanca. By virtue of this novation of the loan, the term for the payment of the debt would be extended to 2045. Through a letter addressed to the partners, Mouriño communicated that the significant decrease in the company’s income was due to the impact of COVID, and hence the intention to modify the expiration of the mortgage, although his opponents have claimed improvements in the management of the Círculo – its tenant – to redirect economic problems and pay the monthly rent. The Asociation, as FARO revealed, came to address the sale of one of the floors of the building, with a surface area of more than 1,000 square meters.
In addition to the change of positions in the public limited company, this movement also ventures new developments in the Círculo de Empresarios. Both entities were spun off in 2013: the Club remained as the asset management entity (the towers), and the Círculo de Empresarios as an association. The same sources assure that partners close to the Alvariño-Ifer tandem are taking positions to promote a related candidate, who has to relieve Patricia García, and that they are considering a reunification of both institutions. The institutional president of Grupo Femxa was elected in May 2018, for three years. Due to the pandemic, the general assembly to elect a successor will be held in September.