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Valencia eager to attract investment

Cash-strapped La Liga club Valencia are seeking foreign investment after failing to agree a refinancing of their debts.

Banking group Bankia have released a statement effectively putting the Spanish outfit up for sale with Fundacio VCF, Valencia’s majority shareholding company, reportedly owing them €85million and the club over €200m.

Bankia stated that they have “no viable plan to make possible any refinancing”, but the club’s president Amadeo Salvo warned at a shareholders’ meeting that the bank do not have the power to sell the club.

He said: “Bankia are not the owners of Valencia. If they do not offer us refinancing, then they strangle us.

“It’s here (assembly of shareholders) where we decide. Bankia is entitled to cede the debt to another organisation, but they cannot sell Valencia.”

Salvo revealed that he is open to new investment, but only if interested parties have the best interests at heart.

He insists they must also be prepared to finance a move to a new stadium that Valencia were due to move into three years ago before the money ran out.

Salvo added: “The solution is to sell and clear the debt of Valencia, not only sell the shares under Fundacio VCF.

“And to create a winning team, a strong team. And in this offer it is included the completion of the stadium and this is not only to do business on a real estate level. A buyer must prove that they want a great Valencia.”

Wed 11 December, 2013
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