La Liga Valencia's Administrative Council on Wednesday "exposed to the media the club's delicate economic situation," according to the EFE. The Council recognized that Valencia currently faces a net debt of €275.7M ($365.4M), but "highlighted that it does not owe anything to Spanish tax authorities, based on results of the 'Due Diligence' audit performed by accounting firm KMPG." Club President Amadeo Salvo and Valencia Foundation President Aurelio Martinez explained that since '08 the club's debt has been reduced by €66M ($87.5M) and "called the economic management in recent years 'positive but nuanced' due to treasury problems." Salvo said, "My obsession is the model, we have to change it. This year is a historic opportunity. We are going to grow in season-ticket holders and there is a breeding ground to reform Valencia. The debt can be paid, but to pay it, we have to change the model" (MARCA, 8/14). In Madrid, Javier Pérez reported "Manuel Llorente's era as president has ended and the new leadership is proposing to find out the details of the economic situation the club was in." Salvo: "Since we first arrived we wanted to make this an exercise in transparency." Salvo explained that he requested an external audit "to gather fundamental information that Valencia supporters should know about performance in the past, the present and in what will affect the club's future." In Llorente's tenure as president, Llorente "was accused of governing the club in a sovereign manner without giving explanations to collaborators." Valencia's plan for the future "is looking in-house." Salvo: "If we follow the plan laid out, in 2016 Valencia will have a positive operating picture. By then, the football school that we are developing will begin to give its fruits and we will not have to buy players from other clubs" (EL PAIS, 8/14).
