Ten years ago, they were in the Champions League quarter-finals. Now they're relegated to the third tier

For anyone watching European football in the early 2010s, Spanish club Malaga looked like a future staple of any La Liga title race or a Champions League campaign. In 2010, sheikh Abdullah ben Nasser Al Thani bought the club and promised greatness. However, they will be playing in the third tier of Spanish football next season. What the heck went wrong?

The wealthy sheikh appointed now-Betis boss Manuel Pellegrini signed stars like Santi Cazorla, Ruud van Nistelrooy, Julio Baptista, Jeremy Toulalan and Isco and took them to the UEFA Champions League in their first full season. In early 2013, the blue-and-whites from Andalucia made it to the UCL quarter-finals, where they conceded two late goals to lose to Borussia Dortmund.

Fast forward a decade and Malaga's relegation from the second tier has been confirmed away at Real Deportivo Alaves. Malaga captain Alberto Escassi was among the first to head over to the fans who had travelled to Vitoria, acknowledging their support and asking forgiveness.

"It's been a terrible season from start to finish. We're devastated. Now we just have to face up to it and be honest with ourselves. As a squad, we haven't been up to the task, and we have to apologise to the fans. All we can do now is keep our heads down and analyse all the mistakes. We've been shit."

The turnover of the blue-and-white club will fall from $18 million to $7.5 million, according to the most pessimistic estimates coming from the club. The club's youth academy will continue to receive financial backing from the Spanish Football Association, but the first-team affairs will suffer. Ticket sales income will probably be halved, the sponsorship money will be sparse, and the biggest deficit will be in TV rights, where the club will earn around $7 million less than this season. The fans are understandably worried.

The story of Malaga is a big warning to any club allowing poor management to hamper their sporting success. The old stadium of La Rosaleda has seen some glamourous nights, but next season the fans there will only watch Primera Federacion, the third-tier, football.