LONDON, June 23 (Reuters) - Spanish soccer club RCD Mallorca is seeking a buyer after its parent Grupo Drac filed for insolvency, a source close to the situation told Reuters on Monday.

The sale price could be around 40 million euros ($62.1 million), the source said. The club declined to comment.

Grupo Drac, owned by Mallorca Chairman Vicente Grande, filed for insolvency last week. A subsidiary of the company owns 93 percent of the club.

Grupo Drac, which owns real estate assets, land and two hotels in Mallorca, has debt of between 600 and 700 million euros, with assets worth about 1.2 billion euros, the source said.

The company has about 400 million euros of debt with a group of banks, including Sa Nostra, a Mallorca-based savings bank, Banco Sabadell and Caja de Ahorros del Mediterraneao (CAM), the source said.

Grupo Drac also owes about 200 million euros to suppliers and builders, the source said.

Local entrepreneur Vicente Grande bought a first stake in the club in 2003, when he was appointed vice chairman. He raised his stake to 93 percent from 51 percent almost two years ago.


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