Valencia news

Valencia president denies sale rumours

October 18, 2013
By Dermot Corrigan

Valencia foundation president Aurelio Martinez has again denied persistent rumours that the heavily indebted club is up for sale.

Mestalla view general stadium Valencia
PA PhotosAurelio Martinez has denied Valencia is up for sale, while plans to replace the Mestalla (pic) are being considered.

La Liga side Valencia are in theory owned by the ‘Fundacion del Valencia CF’, but in practice Bankia - a troubled lender bailed out by the EU via the Spanish government to the tune of €19 billion in 2012 - controls a majority shareholding.

With the football club still seeking a way to manage its estimated €350 million debts, while completing its currently half-built new stadium before selling its current Mestalla home, rumours continue to claim Bankia wants to cash in on its shareholding, and could do so without asking either the club or its foundation for approval.

However an exasperated foundation chief told Superdeporte that there was nothing to this speculation and the club was not going to be sold.

“I have just spoken this morning with Bankia and that is not true,” Martinez said. “It seems not to matter if I tell you 100 times as you are not going to believe it, but that is not the truth. I am so tired of denying it that it bores me. As I have told you many times, there is nothing in this.”

Meanwhile club president Amadeo Salvo has claimed that the club have plans in place to move ahead with finishing its ‘new’ Mestalla ground, at which no work has taken place since the club ran out of money to pay the builders in 2009.

“The changes lower the cost while maintaining the quality and look of the future stadium,” the head of the football club’s board told ABC.es. “It will still be a FIFA five star ground.”

The scaled back version of the original plans will still cost another €100 million or so to complete. Martinez, Salvo and other stakeholders have recently been talking with a number of potential new lenders and sponsors to try and restart the project.

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