VALENCIA, Spain (AP) — Valencia is facing the prospect of being sold in order to pay back the club's debts of nearly 300 million euros ($415 million).
The six-time Spanish league champion has been unable to keep up with loan repayments to Spanish bank Bankia, and few alternatives have appeared.
"Up to now, refinancing doesn't look possible since we have not received any sustainable plan from the club. We need investment to achieve a solution," Bankia said in a statement. "The only other alternative is to look for investors that can guarantee the health of the club's sporting, social, and economic projects."
Valencia president Amadeo Salvo said finding a purchaser would be a reasonable request, but stubbornly set conditions.
"The sale would be possible for 250 million euros ($345 million) that would wipe the club's debt and allow shares to be repurchased," Salvo told a shareholders meeting. "The sale of Valencia will be decided here (in this room), not by Bankia nor the provincial government," which also has a stake in the club through its foundation.