Bidders must cover Valencia debt

Bankia are reportedly aware of Amadeo Salvo’s bid to lead a takeover at Valencia, but are keen that any buyer can cover the club’s combined debts.

The club’s ownership structure has been thrown into further uncertainty this week with Bankia’s announcement that they intend to evaluate offers for the club’s majority shareholding, which has effectively fallen into their hands amid Fundacio VCF’s failure to pay €4m interest on or renegotiate payments on an €81m loan, used to fund their takeover at Mestalla in 2009.

Club President Amadeo Salvo indicated yesterday his intention to source funding from overseas to push through a takeover at the club, on the proviso that the club’s members approve such an approach.

AS report that Bankia have already been made aware of Salvo’s intentions, but that it will not be the only proposal they expect to have to evaluate for a takeover.

It is believed that the bank are keen that whoever does take on control can cover not only Fundacio VCF’s €85m now owed, but also give assurances on the €220m-plus debt that Valencia carry as a club with Bankia, predominantly on construction of the Nou Mestalla.

Tags Bankia Fundacio VCF Salvo