Under-pressure Zaragoza president Agapito Iglesias has decided to sell his majority stock in the relegation-threatened Spanish club.
Iglesias has not been a welcome figure for Zaragoza fans this season with the team last in the standings and nine points from safety. Iglesias says in a statement that the decision comes with "immediate effect" after failing to find new investors.
Zaragoza, who beat Arsenal in the 1995 Cup Winners' Cup final, are in bankruptcy protection with debts of over 110 million ($145 million). Recently, disgruntled fans have held regular demonstrations outside the club's Romareda stadium.
Zaragoza have 13 games remaining to try to stay in the first division. The team has won only four of its 25 matches so far this season.