Vicente Soriano To Wipe Out Valencia Debts

Valencia's financial problems may be at an end after their former president regained control...
Vicente Soriano has revealed that his return to Valencia will see the club's mammoth debts wiped out - which could lead to David Villa staying put.

The club's former president stepped down from the helm only a month ago, but has now returned after heading a consortium that has made him the major shareholder.

Reports suggest that the Spanish outfit owe around €500 million, and that has forced them to consider selling their star players and stopping work on a new stadium.

Now though, Inversiones Dalport SA will inject enough cash to prevent a planned capital increase and the need to see any valuable squad members leave.

"The grand Valencia project was held up by the economic crisis," Soriano told a press conference..

"The club had a serious liquidity problem which paralysed its plan for growth," he added. "The very existence of Valencia was under threat but this is no longer the case."

The news may not please Villa who is set on a move to Barcelona and believes that Soriano promised him that he could leave this summer when the pair talked a year ago.

Lucas Brown, Goal.com