http://www.guardian.co.uk/football/2013/jan/21/valencia-cf-debt-city-takeover Valencia government assumes control of city's stricken football club Striker Roberto Soldado is one of Valencia's most bankable assets. Photograph: Jose Jordan/AFP/Getty Images The local government of Valencia, one of Spain's most cash-strapped regions and owner of several infamous public white elephants, has added a La Liga football club, Valencia, to its portfolio. With local health and education services hit by austerity programmes, the regional government's effective takeover of Valencia and its squad of highly paid soccer players has provoked fury. But it became inevitable after the club defaulted on interest payments on an €81m (£68m) loan which was only granted after the regional government offered to stand as guarantor. The total debt is now €86m. The acquisition presents yet another administrative headache for the regional government, whose properties include the new but unused airport of Castellon and a hospital at Lliria that it cannot afford to open. The regional government, which has long been run by Spanish prime minister Mariano Rajoy's People's party (PP), part-owns two local second division clubs, Elche and Hercules, which also failed to service their debts. In all, it guaranteed football club loans of about €110m in 2009 and 2010, a time when Spain's public finances were in deep trouble. It is unclear how the authority, which has said it will try to sell the club as soon as possible, will service the loans because its own debt has been given junk status by ratings agencies, effectively shutting it out of the markets. The money is owed to Bankia, which is owned by the Spanish state after being rescued with €20bn loaned by the eurozone's rescue funds."We are aware of the importance that Valencia CF has to Valencian society and we will work so that the club can go forward in the best possible fashion," said the regional government's deputy head, José CÃscar. There was no mention of selling stars such as striker Roberto Soldado or promising youngster Sergio Canales, part of a team that is seventh in the Spanish league. Valencia was the first region to ask for bailout money from central government in July when it required an estimated €2.5bn to help it get through 2012. It is expected to ask for more this ------------------------------------------ How the **** can a government seize control of a club and its debt? Surely this is against FFP and the club should be forced to sell to settle its debts. Will UEFA step in? I doubt it
guessing because of this bit "loan which was only granted after the regional government offered to stand as guarantor" don't know anything about this sort of stuff but is this not similar to us with RBS just a government that owned the debt not a bank. we wouldn't get Soldado cheap , there will be a lot of suitors for him and they will try and get best price for him to clear debt also we have Ayre hagling, "give you a million for him, take it or leave it" that would probably be our offer lol.
I see this as why not try to swoop in for some players: Soldado, banega, Tino Costa, Matheieu(sp), Piatti.
I forgot, we don't want these "sexy" players who would fit perfectly into his style. BR with that comment made me shudder a bit.
1. rbs owned us and the government owned them so effectively for a brief period we were owned by the government. 2. valencia have been in debt to their necks for at least 57 years and it was utd style as far as i recall. 3. drop the conspiracy and unfair thoughts and just think... hey if someone stepped in at say leeds or aldrershot or hell.. hearts, luton and the list goes on.. the worst case ever is portsmouth.... wouldn't it be better for the ordinary fan? I hope the spanish government punish the bad owners by making them pony up and the release the club from its debts... clubs are improtant to their fans and if the fans are protected this is a good thing. The creditors and owners should be made to sort it out and let the ordinary fan have thier club..... here portsmouth fans have been tortured.
