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Valencia's new stadium deal collapses

Associated Press Published: September 22, 2012
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VALENCIA, Spain (AP) — The future of Valencia's new Mestalla stadium remains in doubt after Spanish bank Bankia pulled out of a deal that was supposed to clear the way for its completion.

Valencia President Manuel Llorente said on Friday that Spain's collapsed real estate market was behind the setback. He said that the club is working with Bankia, which was nationalized by the Spanish government in May, for a "financial solution with the goal of finishing the new stadium."

Construction on Valencia's new stadium began in 2007 but a lack of funding brought it to a halt two years later.

Last December, Llorente announced a deal with Bancaja — which later merged with Bankia — that included the sale of the old Mestalla stadium and a loan to finish the new arena.