Valencia president Vicente Soriano has resigned amid the uncertainty surrounding the club’s crippling debts.
Soriano has been desperate to sell off the land on which the Mestalla Stadium is built in order to provide funds for the new ground which is already under construction.
The club defaulted on payments to the players and the company building the new stadium last season and Soriano has stepped down after failing to sell the land.
“As you know from the day I took the presidency I have been fighting for the economic and sporting viability of this club,” he said.
“Although there was an ongoing negotiation I haven’t been able to fully complete a deal, therefore it is only logical I go.”
Soriano blamed the current economic climate for his failure to improve Valencia’s finances but warned his successor that selling leading players like David Villa and David Silva will not be enough to sort out the problem.
“I managed to hang on to Villa and Silva, and one year further on I am sure that if my successors want to sell them they be worth much more than 12 months ago,” he added.
“Without them we would have had serious problems on the pitch and we wouldn’t be back in Europe again.
“I won’t be the one to dismantle this team. Selling our stars may fill one or two gaps but it won’t sort out the institution.”