Valencia crisis deepens as Foundation President resigns over battle for control

The club’s ownership status has been turbulent for months and this month club president Manuel Llorente resigned after four years in control in protest at a new foundation president being appointed without his approval.

The foundation is keen to gain full control of Los Che but faces stiff competition from bankers, who hold security of the club’s debts believed to be in a region of around €450m, and the regional Valencian government.

Adding to the confusion at the Mestalla, head coach Ernesto Valverde wants reassurances on the running of the club before signing a new deal as he is out of contract in the summer, and Braulio Vazquez, the club’s sporting director, is also set for the exit door.

Valverde admitted last Friday, “The current situation at the club is not the best to prepare to give the coach a new contract. We have to speak again after all that has happened, there is a general feeling of uncertainty and what we have to do now, is wait for everything to calm down a bit and then we will be able to sit down again”

Llorente, was able to reduce the club’s debts by €100m during his tenure but was still forced to sell some of the club’s key players in David Villa, David Silva, Juan Mata and Jordi Alba, despite qualifying for the Champions League.

Speaking to AS, Tino Costa admitted there could be a major clearout during this summer’s transfer window.

“We are in a situation that is not easy and we don’t really know who is in power at the moment, but we can’t allow ourselves to be distracted outside of the dressing room,” he said. “The truth is that if there is an important offer for any player at the club over the summer, they are going to think about it,” he said.

Costa is just one of a host of players expected to depart the Mestalla in June, along with Roberto Soldado, Jonas, Adil Rami and Vicente Guaita.

The Valencia Foundation requested an €81m loan from Bankia to acquire a 72% majority stake in Valencia CF in September 2009 but the repayment has not started and the regional government paid Bankia €4.86m as a show of good faith as both parties look to settle the issue. Valencia’s crisis is further deepened by the fact it owes Bankia for construction loans taken out for the Nou Mestalla. Repayments have been on hold for the past three years.

Contact the writer of this story at moc.l1734801317labto1734801317ofdlr1734801317owedi1734801317sni@r1734801317egnes1734801317sem.h1734801317terag1734801317. Gareth is editor of www.laliganews.tv