Valencia Seeking Solutions To Complete Stadium Project
La Liga Valencia President Manuel Llorente "sought to reassure fans of the cash-strapped" team on Friday after problems emerged in the financing plan for the project to build a new stadium, according to Iain Rogers of REUTERS. In early '08, the club was forced to stop construction of the "Nueva Mestalla," but late last year, it reached an agreement with Spanish lender Bankia that "appeared to put the project back on track." Llorente said club officials were "working with Bankia to seek solutions" and the goal remained "to complete the new stadium". Valencia are "one of many Spanish clubs to have suffered severe financial difficulties in recent years as they try to remain competitive on the pitch while struggling to pay soaring wages and transfer fees." The club had piled debts of more than €500M ($649.5M) before being bailed out by the regional government who "agreed to guarantee a loan" of €74M in Aug. '09 (REUTERS, 9/22).