German businessman Utz Claassen bought the shares to increase his stakeholding to 20 per cent.
Nadal, a Real Madrid fan who lives on the Mediterranean island, had joined a consortium that invested in financially troubled Mallorca in 2010.
His uncle Miguel Angel, a former Spain and Barcelona defender, became then coach Michael Laudrup's number two, but when the Dane resigned in September Nadal openly criticised the board's handling of the matter.
Mallorca, now coached by Joaquin Caparros, are in financial administration, lie 14th in La Liga and trail 1-0 going into Tuesday's Copa del Rey last-32 second leg at Sporting Gijon.
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