Granada are, as I write this, trailing to Valencia (they subsequently lost 4-0), and look to be in real danger of relegation, 6 points away from safety with five matches remaining.
But one of the interesting subplots here is the promotion of Watford from the Championship to the EPL, because the same owners own Granada (and Udinese). In fact, Watford has laready benefited at Granada's expense, Odion Ighalo having moved from Granada to Watford in the summer (though he's officially still a Udinese player), while Matej Vydra, also a Udinese player, was loaned to Watford tjhis season. Those two have combined for 35 goals in the Championship. Defender Gabriele Angella is on a long-term loan from Udinese, as well.
Let's face it--once a club has made it to the EPL, especially when they've done it via direct promotion, the money on offer is so good that the owners would be crazy not to strengthen that side at all cost. Even if Watford are relegated next season, the "parachute payments" they'd get are more than Granada would get from TV if they somehow stay in the Primera.
So, players like Allan Nyom (officially on Udinese's books, but "loaned" to Granada for the last five seasons) and Diego Mainz ("loaned" from Udinese and supposedly transferred later, he's been at Granada for six years now) might find themselves on the way to Vicarage Road.
So, too, players Granada purchased, like El-Arabi and Emanuel Insua, may move to Watford if needed; if Granada is indeed relegated, the club that takes the field in the Segunda next August will have very few of the current squad in it.
Of course, UEFA really ought to clamp down on this travesty and forbid this sort of ownership of clubs in different countries, or insist each be run at arm's length from the others, but I don't see that happening. So unless Granada gets their act together and survives in La Liga, we may have seen the last of them for a while.