La Liga Side Valencia To Meet With Bankia, Local Government Regarding Refinancing Club's Debt
For La Liga side Valencia, "this week could be key in its economic situation," according to Conrado Valle of AS. A meeting is scheduled between four parties -- Spanish bank Bankia, the Valencian City Council, the club and its foundation. The "parties will try to refinance Valencia's debt over the long term." The goal is to "extend to 15 years the period that Valencia will have to pay" the €220 ($298M) that it owes the Valencian City Council. Reaching an agreement with Bankia would "give Valencia President Amadeo Salvo social stability (the team's foundation will remain the majority shareholder, eliminating the possible sale of the club)." This will allow Salvo "to continue ongoing negotiations with possible investors to resume and finish the new stadium." Currently, one of "Valencia's problems is the doubt generated by shareholder uncertainty while trying to convince foreign investors" (AS, 11/18).