Manuel Llorente has resigned as President of Valencia in protest at the city council’s changes made to majority shareholder Fundacio VCF’s board.
Running of Fundacio VCF technically switched to the city council recently after the club defaulted on repayments of the group’s €86m debt to Bankia.
This was on an €81m loan taken out in 2009 to fund their purchase of 72.5 per cent shares in the club, with the council named as guarantors and thus taking responsibility – until a recent but now appealed court ruling – of the group and its holdings.
The council asked for the resignation of several board members at Fundacio VCF, including seven who were also on Valencia’s board and the group’s President, who was seen to have a close working relationship with Los Che counterpart Llorente.
Following on from reports that Llorente did not take too kindly to the appointment of 11 new representatives to Fundacio VCF’s board – countered by his own appointment of 15 – nor the appointment of President Federico Varona, Llorente has confirmed his resignation today.
“I leave with the conciencse of having done a good job. We have taken over the club during a precarious situation and one that is now much better than on June 7, 2009, when I became President.
“Now we are a respected club in the institutions of European football and recently were in the top eight teams in Europe. The situation is still delicate, but it is better.
“I thank the fans for their understanding.”
Llorente, who has reduced Valencia’s debts from around €540m down to €360m and has previously faced protests from fans this season to leave, confirmed his decision was taken in the last 24 hours.
The club’s President has to confirm final business decisions to Fundacio VCF. Former Valencia centre-back and current board member Fernando Giner has been confirmed by Llorente as his replacement in the role on a temporary basis.