By Gareth Messenger
June 7 – Amadeo Salvo has been elected as the new president of Valencia CF replacing Vicente Andreu who resigned after just two in months as acting President. He was filling in for Manuel Llorente who had resigned after a row with the city council.
Valencia defaulted on a €86 million loan which led to recriminations and a battle for control of the club’s foundation, Fundacio CF, the club’s majority shareholder with 72.5%.
Salvo, who is a local businessman andis backed by the club’s foundation and the club’s majority shareholder Fundacio VCF, has promised “democratisation, union and excitement” after winning more than 90% of the votes at a club general meeting.
“If there is no union, we will not be able to refinance out debts. We will not finish building the new stadium and we won’t be able to bring players from the academy into the first team,” said Salvo.
The board will consist of the new president along with former Valencia player Juan Cruz Sol, as well as Monica Escamilla, Manuel Peris, Salvador Martinez, Jose Manuel Palau and Miguel Angel Gil.
Tensions between the club and the majority shareholder have been rife since the departure of former president Manuel Llorente, the arrival of Andreu and the seizing of control of the Foundation by Aurelio Martinez.
Ernesto Valverde is believed to have left his post as manager of the club over uncertainties regarding the club’s future, but Valencia have acted quickly to acquire the services of former player Miroslav Djukic, who was in charge of fellow Spanish side Real Valladolid.
Salvo’s predecessor, Llorente, announced his resignation in April in protest against the city council’s changes to the board at Fundacio VCF. The foundation owns a 72.5 per cent stake in Valencia, however the club defaulted a €86 million debt that the group owes for its original purchase in shares back in 2009.
Contact the writer of this story at moc.l1734851159labto1734851159ofdlr1734851159owedi1734851159sni@r1734851159egnes1734851159sem.h1734851159terag1734851159. Gareth is Editor-in-Chief, www.laliganews.tv @G_Messenger