The club were also fined

UEFA have banned Malaga from competing in the next Champions League or Europa League competition they qualify between 2013 and 2017.
The ban comes after the club failed to meet financial obligations.
The ban will not affect Malaga from playing FC Porto last 16 of this season’s Champions League and should the club fail to prove that outstanding debts to employees and tax authorities have been paid by the end of March they will be banned for a second season
The punishment is the first indication of the strict punishments UEFA will hand down to clubs under their new Financial Fair Play regulations.
Malaga, who are currently fourth in La Liga and in strong contention for a Champions League return, were also fined 300,000 euros (£243,000).
Malaga have issued an official statement
Read It Here http://www.malagacf.com/en/new/malaga-club-futbol-official-statement/69352