‘We won’t sell Valencia’

The new President of the Fundacio VCF has declared that he holds no intention of selling the group’s shares in Valencia.

The 72.5 per cent shareholding in Valencia that Fundacio VCF have held since 2009 has been left in a vulnerable state, after the club defaulted on an €86m debt that the group owe for their original purchase of those shares.

Originally shifting over to guarantors the city council in January, two months later this was ruled out by a court ruling, seeing Fundacio VCF’s situation return directly to one with the bank, Bankia.

Upon accepting the position of Fundacio VCF President, Federico Varona, has today insisted that they will work with Bankia to find a solution, rather than look to shift on the shares and debt owed.

“We have just started and we will not sell the club,” Varona told reporters today after a board meeting.

“We want this to be between shareholders and partners at the club. The sale of Valencia is not a project of this board, we will not sell the club.

“We want to be as transparent as possible and offer partner participation. The challenge is to give Valencia’s fans the prominence that they deserve.

“Bancaja [the bank that originally handed Fundacio VCF €81m in 2009 to buy its shares in Valencia, and is now merged under Bankia] supported VCF at a very complicated moment and now we turn to Bankia.”

Tags Bankia Debt Fundacio VCF Varona
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