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SBD Global/January 8, 2014/Franchises

Valencia Regional Government President Alberto Fabra Calls On Bankia To Make Deal

Valencia, Spain regional government President Alberto Fabra said that it is important that La Liga side Valencia's primary creditor, Spanish bank Bankia, find a "viable, solvent project" for the purchase of the club in order to "guarantee its athletic and social future," according to the EP. Fabra: "In Spain there are very clear examples of teams where possible investors brought clubs into ruin." Fabra added that "investors come with the best of intentions, promising to give a lot of money, but at at the moment of truth, do not provide economic solvency." The club, which is in "major debt to Bankia and has received an offer from Singapore tycoon Peter Lim," faces what Fabra called a "complicated process" (EP, 1/7).
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