Mallorca reached the final after winning the second-leg on penalties.
Imanol later said: “We are devastated and hurt because, although we recently played a final, what we wanted is to play one with our fans. We have tried in every way, in the first leg and today, but it was not possible.
“Congratulations to Mallorca for passing, my players for their effort and the fans for their support, even after elimination.
Imanol also highlighted goalscorer Mikel Oyarzabal: “These are football things. From the high, because he scored the tie, we have gone to the low, because we haven’t achieved qualification. A few years ago it was he who scored the goal to win the Cup, this time it couldn’t be.”