Valencia up Fundacio VCF presence

Valencia President Manuel Llorente has exercised the club’s right to appoint 15 board members to Fundacio VCF in response to their new President.

Federico Varona was confirmed this week as the new head of Fundacio VCF, the organisation that took over Los Che in 2009 with a 72.5 per cent buyout.

Varona is in power to appease the city council and Bankia, ahead of Fundacio VCF’s attempts to renegotiate an €86m debt to the latter, which the former were briefly responsible for until a court ruling.

The change in leadership is seen as a challenge to Valencia President Llorente, who was understood to have a close working relationship with Varona’s predecessor.

Llorente, after meeting with Varona this week, called an emergency board meeting at the club, where he exercised Valencia’s right to have 15 representatives appointed on to Fundacio VCF’s board.

This move, which specifically also reinstates seven directors of Valencia to Fundacio VCF after they were told to resign last month by the council, is seen as Llorente increasing the club’s say in the organisation.

All official business decisions that Llorente takes have to be passed through Fundacio VCF and Varona has the right to remove Llorente from his position, if he does not appease directive.

Tags Bankia Debt Fundacio VCF Manuel Llorente Varona