Some great news was reported earlier today involving La Liga’s shocking first place squad Valencia. The franchise which has endured such troubling financial losses and was forced to sell away their three star players this off season has reported that their current debt has been improved by around €150 million in the last year alone.
Manuel Llorente, the club’s president, claims that the debt in the summer of 2009 was around €550 million, but following the sales this summer of David Villa to Barcelona, David Silva to Manchester City, and Carlos Marchena to Villareal, it has now all the way down to around €400 million. The president, who is obviously pleased with his side’s results so far this season, is relieved to have nearly cut a third of the total debt down in one season and suggested that it was the necessary thing to do considering the overall losses the team has accumulated over the years.
Llorente made the following statement about the current status of the team:
In the summer 2009, this number was at €550 million and now this is reduced. It is necessary to follow our trajectory in all the aspects.
The club’s president went on to say that he does not intend to sell any more stars anytime soon and he also hopes to finish the construction plans on Valencia’s new stadium which Llorente has already sunk around €150 million into the project which has been stalled by the club’s financial status. The president has also offered for any club to buy into the project and share the grounds with his side in a joint effort to complete the construction of the stadium.
There not out of the woods yet, but hopefully Valencia can continue improving their debt year by year.