Suit Demanding $118M For Intellectual Property Newest Snag In La Liga Valencia Sale Process
The sale of La Liga side Valencia "is once again hanging by a thread," according to Sergio Aspas of EL MUNDO. Newcoval, a business "created during the tenure of former Valencia President Manuel Llorente to develop an urbanist plan using club assets," is demanding €87M ($118M) from the club "for the rights to that intellectual property." Newcoval's plan, designed to "rescue Valencia from its financial crisis, was never carried out." Valencia President Amadeo Salvo said that Newcoval is looking to "torpedo" the sale of the club to Peter Lim. Salvo: "This is an insulting demand for Valencia." Salvo "challenged anyone who wants to obstruct the sale of the club." Salvo said, "Those that are behind this are not going to enter the club, from neither the right nor the left. They will have to pass over this administrative council. While I am here, no rogue will enter the club" (EL MUNDO, 6/23). In Madrid, Diego Picó reported Lim "will not finalize his purchase of the club until he is assured that Valencia will not have to meet Newcoval's demand." The "new blow to the sale angered Salvo, who threatened to bring everyone behind this situation to court." Currently, the "paralysis of the sale process leaves everyone in no-man's land." Valencia is going to try to "unblock the situation any way it can," as Lim has made it "very clear he will not sign until a solution is reached" (MARCA, 6/24).