Juan Soler has been released on bail after spending the night in prison, but must stay in Spain to attend a courtroom every two weeks and has also been handed a restraining order
Soler, who was in charge at Mestalla between 2004 and 2008, was released on bail after facing magistrates on suspicion of intending to abduct his successor.
Under the terms of his bail, the 58-year-old construction magnate, who pushed for the Nou Mestalla stadium (currently abandoned due to a lack of funds to complete the project) and left the club in severe debt, is now forbidden to leave the country and must attend a court every fortnight.
Soler has also been handed a restraining order which states he must stay at least 15 metres away from Soriano.
The two men have been at loggerheads since 2009, when then Valencia president Soriano acquired Soler's shares in the Costa Blanca club.
Soler later took Soriano to court, claiming he was still owed money by his successor, and investigators believe the alleged plot was a ploy to recoup those funds.
Soler is alleged to have hired hitmen to carry out the kidnapping, but Valencia police uncovered the plan and advised Soriano not to leave his home.
Another person, whose identity has yet to be revealed, was also questioned in the case.
Contacted by Goal, Valencia refused to comment on Wednesday. "This is nothing to do with the club itself," a spokesman said. "We have nothing to say on the matter."