Awesome crest! I really wish they changed their crest to something more modern like your version. The only thing I would change is the largest stripe, as I think that it would look better if the it was entirely inside the crest border.
MCF definitely should refresh its crest. In my opinion they should have done this a long time ago! This is how I see new Malaga crest... I'm glad you like it!
This is good design, but I think it would be even better if you maid the sash with the club name in side the crest border like Corinth mentions here in his comment.