Fundacio eye Valencia ‘democracy’

Newly-appointed Fundacio VCF President Federico Varona is reportedly planning steps to ‘democratise’ Valencia’s board of directors, but is not backed.

Varona, who is seen in the media as dividing Los Che’s majority shareholding group Fundacio VCF with the decision to have Valencia’s presidential elections in June, has reportedly put forward a proposal to the group.

Specifically, Varona has suggested that Fundacio VCF hold a survey of Valencia’s supporters over the future of the club’s board and that Fundacio VCF as 72.5 per cent majority shareholders, would then vote that in as policy at the next shareholders’ meeting.

However, Varona is seen as not having full support from the rest of the Fundacio VCF board, who reportedly view the timing of the move as inappropriate, with the club and shareholding group both in a precarious situation between the local city council and Bankia, over Fundacio VCF’s €86m debt to the latter that, depending on a court appeal, may or may not see the council accountable for.

Varona’s actions are reported by AS today as catching the rest of the group off guard, as they have not been planned for in the short term.

Tags Bankia Fundacio VCF Varona