Those financing the project stated last Wednesday that they are stepping up to protect the venture against the risk of a supplier moving forward with the required steps, while the Ministry of Economy will continue the necessary procedures to defend its interests and to terminate the lease with the business school due to non-payment of rent at its headquarters.
The minister himself confirmed this stance, with Rafael reiterating that the agreement came from a three‑way meeting that included the mayor of Alicante, Luis Barcala, and the head of the training center, Cayetano Sánchez Butrón, on Monday. A new payment plan, a viability strategy, and a training program were discussed for Friday. If no proposal is put forward, the contract will be terminated, as emphasized by Climent, who expressed disappointment with how the Fundesem leadership has managed affairs in recent years.
Since the refinancing agreed in 2019, which replaced earlier managers with Sánchez Butrón’s team, the situation has not improved. It has actually deteriorated, with only 60,000 euros paid of the originally planned 600,000 euros.
There is no need to wait until Friday, as the Fundesem president reported on Thursday regarding the competition filing and the inability to present any feasibility plan. Shortly after, the European University decided to end the joint arrangement to share facilities and offer a combined master’s degree.
Ivace terminated its contract with Fundesem and will claim the 1.6 million euros it is owed
In any event, the lease termination by Ivace will also require court involvement and should be resolved alongside other issues affecting the school so that the responsible parties do not face a sudden eviction. Sánchez Butrón reaffirmed his plan to negotiate with creditors, aiming for a total debt near 2.5 million, with about 1.65 million due to Ivace to secure the school’s survival. [Cite: municipal court records, 2024 update].
The minister reiterated the intention to repurpose the property for a business school regardless of Fundesem’s fate. The Alicante City Hall has not commented on the municipality’s competitive bid request, but officials reiterated support for all measures aimed at determining the viability of Fundesem. [Cite: city council statements, 2024 update].
Finally, the European University confirmed on Thursday its plan to settle in Alicante, keeping confidence in the location as part of its growth strategy. The private university is already seeking alternative venues to deliver its programs, independent of any breach in the Fundesem agreement. [Cite: university press release, 2024 update].