Valencia faces prospect of sale to repay debt

Valencia is facing the prospect of being sold in order to pay

back the club’s debts of nearly 300 million euros ($415

million).

The six-time Spanish league champion has been unable to keep up

with loan repayments to Spanish bank Bankia, and few alternatives

have appeared.

”Up to now, refinancing doesn’t look possible since we have not

received any sustainable plan from the club. We need investment to

achieve a solution,” Bankia said in a statement. ”The only other

alternative is to look for investors that can guarantee the health

of the club’s sporting, social, and economic projects.”

Valencia president Amadeo Salvo said finding a purchaser would

be a reasonable request, but stubbornly set conditions.

”The sale would be possible for 250 million euros ($345

million) that would wipe the club’s debt and allow shares to be

repurchased,” Salvo told a shareholders meeting. ”The sale of

Valencia will be decided here (in this room), not by Bankia nor the

provincial government,” which also has a stake in the club through

its foundation.

Valencia saw its finances balloon over the close of the last

decade after investing heavily in the construction of a new

stadium. It now stands half finished, with the club unable to pay

the builders.

Valencia – whose 2004 league title was the last won by a club

apart from Barcelona or Real Madrid – has been forced to sell its

best players, such as David Villa, Juan Mata, David Silva, Roberto

Soldado, and Jordi Alba to bring in funds.

”I’m not worried,” coach Miroslav Djukic said on Wednesday.

”Valencia has history, infrastructure, and supporters. Valencia’s

future is always assured.

”We should try to help the club with results as it’s the only

way we can.”