The failure of Malinche, the musical by Nacho Cano who sponsored Ayuso: debacle of spectators and 6,2 million in debts

The musical Malinche, produced by Spanish artist Nacho Cano with support from public institutions, has ended in economic failure, marked by a sharp decline in audience numbers and debts totaling 6.2 million euros. The project, which ran for nearly three years at Ifema, a public-private entity in Madrid, closed in March 2025 after a series of financial setbacks. According to figures released through recent bankruptcy proceedings and attendance data obtained by a local newspaper, the production faced three consecutive years of losses, culminating in a debt burden that has affected both public and private stakeholders. Malinche initially appeared successful during its first two seasons, with organizers describing it as an "overwhelming success." However, recent disclosures indicate otherwise. Financial reports published earlier this year show that the production incurred losses of nearly 2 million euros in 2023, 1.45 million euros in 2024, and 3.9 million euros in 2025. These figures reflect a growing financial strain, exacerbated by external factors such as the relocation of Formula 1 circuits that required the dismantling of the stage setup. This forced closure was announced by the production team on social media under the heading "Crushed by F1." Ifema, which hosted the performances, suffered direct financial consequences due to the abrupt end of the project. The company had to cover the costs of dismantling the set after the promoter ignored requests to comply with contractual obligations. This alone amounted to 249,260 euros, adding to other unpaid fees related to space rental and additional charges, bringing the total debt owed to Ifema close to one million euros. Ifema is partially owned by the Madrid regional government and the city council, making these liabilities a matter of public concern. In addition to Ifema, the production owes 238,000 euros to the Treasury General of the Social Security. Other major creditors include companies that provided loans or entered into commercial agreements with Nacho Cano’s firm. Among them is Ferrado QT LLD, owned by Sandra Ortega, daughter of Amancio Ortega, and Llapan SL, which lent money to Peruvian businessman Carlos Añaños. Unpaid obligations also involve companies such as Hijos de Rivera, responsible for managing the bar area, and Prosegur, which handled security services. Attendance figures further illustrate the decline in interest. During the first three and a half months following the opening, the production attracted 70,855 spectators, approximately 20,000 per month. In 2023, the number rose to 261,488 visitors, averaging around 25,000 monthly attendees, excluding summer breaks. By 2024, however, the figure dropped dramatically to 114,561, representing nearly 11,000 attendees per month during the initial months of the season. Data for the final two months of 2025 have yet to be officially published. The involvement of regional President Isabel Díaz Ayuso in supporting the project has drawn attention. Her explicit backing of Malinche during its conception brought public scrutiny to the list of investors and producers associated with the musical. Among them is David Hatchwell, a business associate of Ayuso and president of the Fundación Hispanojudía. His investment came through two companies listed in the bankruptcy administration report published by El Confidencial. The collapse of Malinche highlights the risks of high-profile cultural projects backed by public funds and private investments. As the legal process unfolds, more details about the distribution of responsibilities and potential compensation for affected parties will emerge. The case underscores the challenges of sustaining large-scale productions in a competitive market, particularly when external factors beyond control can significantly impact revenue streams.