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SBD Global/February 11, 2014/Franchises

La Liga Side Valencia Explains How Club Will Be Sold, Sets Feb. 24 Proposal Deadline

La Liga side Valencia said that the process of the sale of the club "is scheduled to end with it being sold on March 24, with proposals being accepted until Feb. 24," according to the EFE. This "new process," however, "may not be carried out because the club's lender, Spanish bank Bankia, rejected this because it wants the sale determined by a principle of equality that should exist in any competitive sale process." A document "released by the club on Monday" said, "[Majority shareholder VCF] Foundation and Valencia are leading the process introduced by Bankia to those investors who have contacted the bank with the intention of buying the club. The final decision should be reached in a consensus by all three parties." The offers that the club receives by Feb. 24 will be "presented through auditors PwC and KMPG." Potential investors will "have to agree to a confidentiality clause" (EFE, 2/10).
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