Lender Bankia Gives La Liga Valencia 3-Year Grace Period To Pay Off Loan
The conditions of La Liga side Valencia's sale to Peter Lim include lender Bankia refinancing the club's €230M ($306M) over a period of 15 years, but Valencia will be given three years to begin making payments, according to Eduardo Segovia of EL CONFIDENCIAL. The "objective of this shot in the arm is to give the new sporting project time to qualify for the Champions League, which would help Valencia" be able to pay off its debt. The sum Valencia owes has been divided into three parts -- it owes €61M ($81M) after 10 years, another €19M ($25M) after 13 years and the final €150M ($200M) in 15 years. The loan has a Euro Interbank Offered Rate of 3% (EL CONFIDENCIAL, 8/19).