TIVOLI WORLD amusement park, in Benalmadena which was opened in 1972, has been troubled with financial problems for some time and has now been placed into Administration.
Administrators have been called in to run the park which was owned by the International Company of Park and Attractions SA (Cipasa).
Research will now be undertaken to decide whether the business has a viable future or whether it should be liquidated and creditors satisfied with whatever funds are available.
There have been ongoing court battles over ownership of the grounds on which Tivoli is sited, but this should not affect the work of the Administrator who is quoted as saying that the main creditors appear to be the Treasury and Social Security who may be owed as much as much as €10 million according to Spanish press reports.
Although somewhat down at heel, Tivoli World remains an important tourist attraction and comment from Benalmadena Council is awaited.