The club's general manager angrily declares that the ruling to uphold the Andalusians' ban from continental competition has prompted "a real sense of injustice"
Los Boquerones were suspended from participating in the Champions League or Europa League for one full season after Uefa ruled that they had failed to adhere to Financial Fair Play regulations.
Malaga took their case to CAS but were informed on Tuesday that the ban would be upheld - much to the frustration of Casado, who insists that the reasons behind their suspension remain unclear.
"Our immediate reaction is of indignation and a real sense of injustice. We've been fighting our corner with the team and the whole city behind us and we failed," he told reporters hours after the decision.
"We literally feel driven out of the competition. The club has been working tirelessly for a year in order to comply with Financial Fair Play regulations, which was proven by the granting of the Uefa Licence.
"We haven't had the full explanation as yet but we don't understand the basic reasoning behind the decision."
Along with the ban from European competition, Malaga were also fined €300,000 (£255,000).