Amadeo Salvo has been elected as the new president of Valencia with a remit to enhance the standing of the financially troubled Primera Division giant.
Salvo, a local businessman backed by the club’s foundation and major shareholder Fundacio VCF, promised “democratisation, union and excitement” after winning more than 90% of the votes at an extraordinary general meeting. “If there is no union we will not be able to refinance our 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, according to Reuters.
Salvo’s predecessor, Manuel Llorente, in April announced his resignation in protest against the city council’s changes to the board of Fundacio VCF. The foundation owns a 72.5% stake in Valencia; however the club defaulted on a Eur86 million debt that the group owes for its original purchase of the shares in 2009. This debt was moved on to guarantors the city council in January only to be overturned by a court ruling in March, meaning that Fundacio VCF will again have to deal with banking group Bankia. As part of the process, the council requested the resignation of several Fundacio VCF board members, including its president and seven others who served on Valencia’s board. The move to appoint 11 replacements to the Fundacio VCF board, including president Federico Varona, is said to have displeased Llorente. His exit was followed by that of Varona’s, who has complained at the lack of support he received.
Valencia lost 4-3 at Sevilla on the final day of the Primera Division season on Saturday, thereby missing out on a financially lucrative spot in the UEFA Champions League.