NEWS
Wednesday August 28 2013
Valencia unable to meet repayment

Valencia’s ownership situation is once more under scrutiny, as majority shareholders Fundacio VCF indicate they cannot meet an interest repayment.

Los Che have endured an unsteady past few months in light of Fundacio VCF’s struggles to meet interest payments on their €86m loan taken out in 2009 to purchase 72.5 per cent shares in the club.

Reports this week suggest that a latest deadline to meet an interest fee of €4.8m could not be met by the group and that their shares could once more be at risk of changing hands, with the bank owed the money, Bankia coming in.

However, Bankia are still appealing a court ruling baring the local government from acting as guarantor and taking over management of the club’s financial situation.

Fundacio VCF indicated through a statement from their President Aurelio Martinez on Tuesday evening their ‘early inability to cope with the full amount maturing today’ but that their ‘firm intention is to meet their obligations agreed with Bankia and any other creditor’.

The group note that they plan to ‘generate their own resources in the coming months to meet their obligations’.

Fundacio VCF also stated that ‘it is essential and fundamental to draw a financial plan for long-term restructuring of the debt, it will be necessary to meet the financial burden and repayment in principal’.

It is widely believed that the shareholding group have paid €1.3m of the €4.8m agreed.

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