Spain

Valencia Given Massive €40 Million Cash Boost

Christmas has come early for Valencia after it was announced that close to €40 million will be pumped into the club immediately.

Dec 9, 2008 8:54:40 PM

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Valencia (Goal.com)

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Just as Valencia were bracing themselves for a bleak Christmas, the club board have delivered some good news to their fans after revealing that they have successfully acquired a massive cash injection to help curb their immediate economic crisis.

Rumored to be on the verge of a financial collapse, club president Vicente Soriano had assured last week that the situation was not as grim as the reports had made it out to look and that Los Che had a sound back-up plan in the works.

And that plan was unveiled yesterday when sources at the club told EFE news agency that Valencia will receive a combined sum of around €38 to €40 million from numerous entities, including financial organizations, foreign investors as well as advanced sponsorship deals.

The money will be used to clear off immediate debts and help solve the short-term financial crisis to ensure that the player wages are paid and there are significant funds for continuous club development.

The latest cash injection could see Valencia turn away the colossal offers they have received for some of their star players, namely David Villa.

--KS Leong, Goal.com

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