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
The six-time Spanish league champion has been unable to keep up
with loan repayments to Spanish bank Bankia, and few alternatives
”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
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
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.”