The trajectory of Real Mallorca
In 1990–91, Mallorca reached the Copa del Rey final for the first time, losing by one goal to Atlético Madrid.
Argentine Héctor Cúper was hired as manager in 1997. In his first season, the club reached the 1998 Copa del Rey Final, and lost on penalties to FC Barcelona after a 1–1 draw in Mestalla. However, as Barcelona also won the league, Mallorca were their opponents in the 1998 Supercopa de España and won 3–1 on aggregate for their first major honour. Barcelona's double also meant Mallorca entered the 1998–99 UEFA Cup Winners' Cup, the final staging of the tournament – they lost the final 2–1 to Italy's S.S. Lazio at Villa Park.
In 1999, Mallorca also finished a best-ever 3rd and qualified for the first time to the UEFA Champions League, but were eliminated on the away goals rule by Molde FK of Norway before the group stage. Luis Aragonés matched 3rd place in 2001, before leaving for an Atlético Madrid still in the second tier. On 28 June 2003, Mallorca won the Copa del Rey with a 3–0 win over Recreativo de Huelva in the final in Elche; the goals were scored by Walter Pandiani and Samuel Eto'o (two).
2010s: Decline and return
Mallorca were relegated from La Liga on the last day of the 2012–13 season. In January 2016, with the team at risk of relegation to the third tier, American investor Robert Sarver and former NBA player Steve Nash bought the club for just over €20 million.
On 4 June 2017, Mallorca fell into the third tier for the first time since 1981, with one game of the season still to play. A year later, they bounced back in the 2017–18 season after winning the play-off final against CF Rayo Majadahonda, under new manager Vicente Moreno. In June 2019, Mallorca secured a second consecutive promotion to the 2019–20 La Liga, following a 3–2 win on aggregate over Deportivo de La Coruña in the 2019 Segunda División play-offs – having lost the first game 2–0. However, they were relegated a year later. A year later, Mallorca bounced back to the top tier following an Almería defeat to Cartagena. In 2024, Mallorca reached a Copa del Rey Final for the first time since last winning the competition in 2003.