Under-pressure Zaragoza president to sell up
Zaragoza have fallen a long way since beating Arsenal to win the Cup Winners' Cup in 1995. They are bottom of the standings and in financial administration.
Outraged fans have mounted regular protests outside the Romareda stadium and have also made their displeasure felt during matches, at which Iglesias has not been seen for several months according to local media.
"The president of Real Zaragoza, Don Agapito Iglesias Garcia, has decided to put his stake up for sale with immediate effect," the club said in a statement on their website.
Part of the reason for the sale was the failure to find new investors, the statement added.
Zaragoza, whose 2-1 win over Villarreal at the weekend was only their fourth of the season, have 13 games to preserve their top-flight status and play at Real Sociedad on Saturday.