Valencia faces prospect of sale to repay debt

Valencia faces prospect of sale to repay debt

Published Dec. 11, 2013 6:57 p.m. ET

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.''