Salvo intends for Valencia bids

Valencia President Amadeo Salvo has announced intentions to consider foreign investment, as Bankia confirm they want to sell.

On the same day as Los Che’s shareholders’ meeting, held yesterday evening, Bankia issued a statement saying that they have received ‘no viable plan to make possible any refinancing’ of the club’s debts and that their solution is to seek investment from elsewhere.

With the local government’s position as guarantor seemingly remaining in doubt, Valencia’s inability to agree a refinancing package on debts majority shareholding company Fundacio VCF hold of €85m effectively places their 72.5 per cent shares with Bankia.

At yesterday’s shareholders’ meeting, President Amadeo Salvo stated his belief, though, that Bankia cannot sell Fundacio VCF’s shares, only the debt that they hold.

On from this position, today Salvo has announced his intention to look at bids funded by ‘foreign capital’ to take over the club and that going ahead would depend on a vote from the shareholders, who so far have indicated a reluctance to see the club fall to anyone outside of the Valencian province.

“The solution is to sell and clear the debt of Valencia, not only sell the shares under Fundacio VCF,” Salvo has explained today, in valuing the club at €250m.

“And to create a winning team, a strong team. And in this offer it is included the completion of the stadium and this is not only to do business on a real estate level. A buyer must prove that they want a great Valencia.”

Beyond Fundacio VCF’s €85m debt, Valencia owe in excess of €200m to Bankia, predominantly for work on constructing the Nou Mestalla.

Tags Bankia Fundacio VCF Salvo