Spanish Bank Bankia Looking To Sell La Liga Valencia Following Delayed Repayment
La Liga side Valencia "is on sale," according to Nacho Herrero of MUNDO DEPORTIVO. Spanish bank Bankia, which loaned the club's foundation €81M three years ago, has started the process of selling the team. The decision follows the Valencia Foundation's recent failure to "complete a payment" of €4.8M ($6.4M) in interest from the loan the foundation received in '09. The Valencia Foundation held a meeting on Wednesday to "analyze the situation." Bankia communicated to Valencia Foundation President Aurelio Martínez that it "will be putting the club on sale." Now Martínez "will have to talk about the situation." Until now, he "has maintained silence, but the moment has arrived for the Valencia Foundation to definitively position itself with respect to Bankia's decision" (MUNDO DEPORTIVO, 12/4).