‘Valencia the bank’s responsibility’

Valencia’s city council President has made clear that the local authorities do not intend to support the club’s debt.

Los Che’s financial situation has complicated further this week, with a court ruling specifying that the city cannot act as guarantor to an €86m debt Fundacio VCF, who own 72.5 per cent of the club’s shares, have defaulted payment on.

“The authorities are not to toil away money on football,” Valencian President Alberto Fabra told reporters today, commenting that the council should instead focus on creating jobs.

“Right now, those who would be taking charge of Valencia would be Bankia, who would then assume the cost.

“The ruling is not yet final, and the banking group will possibly try to avoid the situation with legal action.”

Tags Bankia Debt Fabra Fundacio VCF
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