In 1993, Deportivo Mandiyú chairman Eduardo Seferian tried the club to become a S.A. as a way to solve the serious economic problems of the institution but the Argentine Football Association did not allow the transaction.

Mandiyú hired Diego Maradona as coach, also bringing international goalkeeper Sergio Goycochea to the team.

Finally, the group that managed Mandiyú left the team alleging that they had not enough resources to play the Nacional B tournament.

Huracán Corrientes filled the vacant place left by Mandiyú, promoting to Primera División after winning the Nacional B championship.

In 1998, a group of former managers and fans of Mandiyú decided to form a new club, originally named "Deportivo Textil".