Valencia secure stadium funding

Valencia have announced they have agreed a deal with Spanish banking conglomerate Bankia over funding for the completion of their new ground.

Bankia will provide the La Liga outfit with a medium-term loan which will enable the club to restart work on their planned 75,000-seat arena.

“This agreement is an historic milestone,” Valencia president Manuel Llorente said.

“It is a day that will go down in history and that will be welcome news for the hundreds of thousands of Valencianistas, who will soon see their team playing home games in one of the best stadiums in Europe.”

“The new home for Valencia will give the club a step up in every respects.”

Valencia had hoped to move into the Nou Mestalla last year, but its construction was halted in February 2009 because of the club’s financial troubles.

It is now expected the ground will finally be finished in two years time.