Bankia are reportedly beginning the process of looking for someone to buy a majority share in Valencia, so they can recover around €85m in debt.
Los Che’s ownership has been thrown into doubt since August, when the Fundacio VCF as majority shareholders, defaulted on a €4m interest payment on their original €81m loan taken out with Bankia in 2009 to fund a takeover at Mestalla.
At this time, Bankia turned to the city government, who had agreed in 2009 to act as guarantors to Fundacio VCF’s loan, and originally they paid up the interest payment.
However, the government also took the situation to a local judge, who ruled that it was against competition law for them to donate that money to the club for no reason and that subsequently they cannot act as guarantors.
The situation has placed the majority shareholding Fundacio VCF have of 72.5 per cent effectively in the hands of Bankia.
The club, the bank, Fundacio VCF and the government have been holding meetings since to try to renegotiate the debt and resolve the situation, but reports today are that Bankia will use the non-payment of August’s interest due to put the club up for sale.
The organisation are seen as keen to accept the first offer that arrives that will allow them to recoup the total €85m they are owed.
Today, Fundacio VCF President Aurelio Martinez, who has apparently been informed by Bankia of this intention, will meet with the rest of Fundacio’s board before holding an expected Press conference.
