U.S.-Based Investment Firm GEM Withdraws Bid For Valencia; Bidders Can Improve Offers

U.S.-based investment firm GEM announced that it is "withdrawing from the bidding process" to buy La Liga side Valencia, according to the EFE. GEM cited "a lack of clarity" and "legal insecurity" in its decision. The decision "was expressed in a statement from the mayor of the Valencian municipality of Gandía, Arturo Torró, who was participating in GEM's bid." The statement said that "due to recent events in the sales process and with respect for the necessary confidentiality, GEM will withdraw from the process" (EFE, 4/30).

CERBERUS 'RESCUED': In Valencia, Julián Montoro reported the sale process "suffered another setback" after the committee managing the sale of the club accepted that "the leaders of the bid by U.S.-based investment firm Cerberus Capital Management can make a series of modifications to its offer." Now, "any of the bidders will be able to improve their offers" until May 5 (SUPERDEPORTE, 4/30).