The financial problems faced by many of Europe’s leading clubs were highlighted today when Valencia’s board of directors revealed that midfielder Kily Gonzalez will have to be sold to help the club clear its’ debts.

Valencia won La Liga last season but the club is in need of money and needs to cut large debts.

“Clinching the title was one thing, but now we must turn this club around financially” said board spokesman Jesus Barrachina.

The Argentinean World Cup player is a long-term target of Inter and is also attracting the interest of Juventus and Arsenal.

The decision to sell has caused outrage amongst Valencia fans with many staging protests against the board and calling on them to resign.

Other top Valencia players including Mendieta, Farinos and Gerard have all been sold in recent seasons.

Barrachina claimed that Valencia’s management were not too concerned with the loss of œ12m-rated Kily Gonzalez.

“Losing him will not hurt so much, according to the coaching staff. We have other players who can do a good job too” he said.

Valencia’s difficulties are just the latest in a series of high-profile financial losses suffered by many of Europe’s top clubs. The likes of Lazio, Milan and Leeds United have all embarked on a policy of selling players this summer in order to pay off large debts.