Blow for Garrido, majority shareholder of CD Tenerife: convicted of tax fraud

The Second Section of the Criminal Chamber of the Audiencia Nacional has sentenced José Miguel Garrido Cristo, a businessman linked to the world of soccer for more than a decade, to a sentence of 22 months in prison and a fine of €828,996.21 for committing five offenses against the Public Treasury. The events date back to the tax years between 2011 and 2015.

The ruling is part of the well-known Nummaria case. This is a major case involving tax fraud and money laundering in which various firms and businesspeople were investigated. Specifically, for the use of opaque corporate structures with the aim of evading taxes. This case also made headlines this week for Ana Duato and Imanol Arias.

In Garrido's case, the court has considered his cooperation with the justice system as a mitigating factor. The court has also considered the reparation of the damage caused and the admission of the facts.

According to the ruling, Garrido defrauded the Tax Agency a total of €1,872,816.97 by concealing income and using intermediary companies. He did all this with the aim of evading his tax obligations. 

The businessman has already returned the full amount defrauded. This, together with the absence of a criminal record, allows the prison sentence not to be served. However, he is disqualified from obtaining subsidies or tax benefits for the same period of time.

Garrido, who currently holds the position of largest shareholder of Club Deportivo Tenerife, is not a member of the Board of Directors nor does he hold any executive position. Therefore, the sentence is personal and doesn't directly affect the club's organizational structure. 

However, his status as the main investor in a public interest entity such as CD Tenerife raises questions about the suitability of his continued presence among the shareholders.

The ruling comes at a time of intense institutional tension at the Tenerife club. Various sectors of the shareholders and the fanbase have expressed their rejection of Garrido and his strategy of acquiring shares. 

In recent months, the businessman has been involved in several legal disputes with other shareholders. He has also been accused of lacking transparency in the purchase and sale of shares.

A career marked by controversy

José Miguel Garrido's involvement with professional soccer began in 2013, when Thesan Capital, an investment fund linked to the businessman, took control of Albacete Balompié. 

During his time at the helm of the club from Castilla-La Mancha, Garrido carried out an economic restructuring that prevented the entity from disappearing. However, his management was questioned for its lack of transparency and its links to offshore companies. In 2017, he sold his stake and left the presidency.

In 2018, Garrido arrived at CD Castellón, where he led the club's promotion to Segunda División B. However, his stay was brief. 

In June 2019, he announced his departure, citing differences of opinion with other investors. His exit occurred amid criticism from the fanbase and doubts about the viability of the economic model he implemented.

Since 2024, Garrido has kept a strong presence among the shareholders of CD Tenerife. There, he has become the main focus of institutional controversy. In September of that same year, new information came to light linking him to the Panama Papers, due to his alleged use of shell companies in tax havens.

Garrido's situation at the Tenerife club has been worsened by a series of legal disputes with other partners in the so-called syndicate agreement. This group includes a large part of the club's historic shareholders. 

In February of this year, the businessman filed a lawsuit against three members of the syndicate - Amid Achí, Miguel Concepción, and Conrado González - for an alleged breach of the agreement. He claimed compensation of €15 million for lost profits.

This action prompted an immediate response from the syndicate members, who announced their intention to file a derivative action for liability against Garrido for damages to the entity. 

The conflict led to a fragmentation of the shareholders, with the emergence of platforms such as "Unidad Blanquiazul." These bring together fans and small shareholders opposed to the businessman's continued presence.

The tension was heightened by the sale, without official notification, of a 10% stake in the club's share capital to a British investor. The buyer filed a complaint for alleged fraud and forgery, which has resulted in the preventive seizure of 100,000 shares, equivalent to an approximate value of €1 million.

Institutional repercussions and outlook

Although the court sentence doesn't directly affect the daily management of CD Tenerife, the deterioration of Garrido's image and the accumulation of legal and corporate conflicts make it difficult for him to remain a relevant figure in the club's future. 

Various sectors of the fanbase, as well as members of the current Board of Directors, have expressed the need to clarify the shareholder situation and ensure greater transparency in decision-making.

The next General Shareholders' Meeting, scheduled for February 2026, is shaping up to be a key moment in shaping the club's future. At that meeting, a reform of the corporate governance model could be addressed and Garrido's possible departure from the share capital could be discussed.

Until then, the businessman will remain linked to the club. However, his room for maneuver is increasingly limited by judicial scrutiny and social pressure.

With this ruling, Garrido adds a new episode to a business career marked by controversy. His continued presence in the Spanish soccer ecosystem is now in question. This comes in a context of growing demands for ethics and transparency in sports entities.