Work on new Valencia stadium to restart
Reuters - Monday 12 December 2011, 20:15
Valencia have struck a deal
with Spanish lender Bankia that will allow work on their new
stadium, halted in early 2008 because of financial problems, to
be restarted, the La Liga club said on Monday.
Construction of the 'Nueva Mestalla' should be completed
within two years and the agreement with Bankia included a
medium-term loan of an unspecified amount, Valencia said on
their website.
"This is an historic day that will delight... hundreds of
thousands of Valencia fans, who will soon be able to see their
team playing in one of Europe's best stadiums," club president
Manuel Llorente said.
Valencia are one of many Spanish clubs to have suffered
severe financial difficulties in recent years as they strived to
remain competitive on the pitch while struggling to pay soaring
wages and transfer fees.
The club had racked up debts of 471 million euros by the end of the 2009/10 season, according to a study
published in February by an accounting professor at the
University of Barcelona.
Only Real Madrid and Barcelona, the world's richest clubs by
income who earn far more than their La Liga rivals from
merchandising and television rights, were deeper in the red, the
study showed.
Valencia, who have been forced to sell prize assets
including Spain internationals David Villa and David Silva to
stay afloat, are currently third in La Liga, which would give
them a lucrative berth in next season's Champions League.
They were eliminated from this season's edition of Europe's
elite club competition last week by English club Chelsea.