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SBD Global/April 18, 2013/International Football

Federico Varona Steps Down Two Weeks Into Presidency Of Majority Shareholding Group

After just two weeks in charge, President Federico Varona has resigned from Fundacio VCF, Valencia FC's majority shareholding group, according to FOOTBALL ESPAÑA. Varona was brought in "to head the group’s city council-requested change in management," in the wake of the club having defaulted on an €86M ($112.21M) debt to Spanish bank Bankia. After arriving, Varona was "reportedly intent on ‘democratising’ the club and how its board members are elected." This week, Varona "has confirmed that he is ‘irrevocably’ walking away." Varona said, “During this time I have suffered personal attacks, insults and vilification that, in many cases, has come from people who do not know me. I am not willing to take the personal and professional wear that I have been subjected to" (FOOTBALL ESPAÑA, 4/17).
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