Valencia’s majority shareholder Juan Soler has fired the club’s recently appointed financial consultant Juan Villalonga and agreed to sell his shares in the Primera Liga outfit to former rival Vicente Soriano.
Villalonga was brought in last month to advise on the Valencia’s precarious financial situation and put together a plan to salvage the club but Soler said he was underwhelmed by the proposals.
“I want to make it clear that Villalonga didn’t leave by his own accord, he was sacked,” Soler said. “I gave him a trial and he didn’t pass it.
“We are a viable club economically speaking even though we are going through a difficult period.”
Soler said he had reached an agreement to sell his shares to the club’s second biggest shareholder Soriano for €71.6 million.
“I do not want to make a euro out of the deal,” Soler said. “Soriano will now have all the political power and I will give him all my support.”
Earlier, Villalonga had said the club was in danger of going bankrupt.
“Valencia are exactly 439 million euros in debt,” he said. “If we add to that the €350 million that has to be paid for a new stadium it rises to €739 million.
“Do you know how much money Valencia has to pay before December 31 this year? Some €150 million… We have a patient in intensive care who is in danger of dying,” the businessman concluded.
Spanish media has reported that the club may have to sell some of its leading players such as Spanish internationals David Villa and David Silva if they are to survive the current crisis.