Great, promotion!. And very good start of season. Congratulations on the Champions League winner (with Barcelona in FM12 within FM12) Steve Gerard.
To encourage my laziness - what happened with them?
They were in Segunda A (now Adelante), had made a very good first leg, finishing it in the top or second position being just promoted from Segunda B. The second half was poor and ended in the middle of the table. And the president was eager to make a bid for Primera next season.
So what did he do?. As soon the season finished he spent €400M signing a few players from teams relegated from Primera promising they'd be able to reach top flight next season. So far so good.
Then June came to an end and with it the deadline to convert the team into a S.A.D. (a kind of company organization, legal stuff), and they hadn't done it. Why?. The president claimed it was a minor issue of times, but the true was they couldn't do it because they couldn't pay the fees involved, which were... *drumroll* yes! €400M, the money he ran to spend on those four players.
The consequences?. The team was automatically relegated two levels down to Tercera as determined by law for those who didn't convert to S.A.D. The four players from Primera said their contracts were signed for a team in Segunda A to fight for promotion, not playing in the rubbish Tercera and pulled off. All the players they had said they had come out from the **** of Segunda B and they sure weren't returning to that, much less to a step lower. They only kept (according to the news I read) two seventeen years old who thought it was their chance to have at last some playing time. The coach told the president to go to **** and also resigned angry. Mirandés said they weren't going to be feeders of such a lame team and sure as **** didn't want to be relegated to Preferentes, as they were in Tercera and feeders have to play in lower levels. So the team went two levels down and the squad had to be rebuilt from scratch.
At least, that's what I read at the time.
P.S. - The past summer, 2011, they were at the verge of disappearing because the club still hadn't paid Carlos Novoa, the coach they had when they were in Primera between years 91-93 (from where they dropped to Tercera because of administrative issues), but they managed to convince him to drop it the last possible day.