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Property crash casualties: Valencia FC

Thanks in part to Spain’s property market crash, Valencia FC is close to bankruptcy and can’t afford to pay its players, whom it owes 15 million Euros in unpaid wages.

Valencia was supposed to make millions from a property deal involving its grounds, located in one of the most expensive areas of the city, which would help finance the construction of its new stadium costing more than 300 million Euros.

But with the Spanish property market in a coma, no buyers can be found, and one expert quoted in the Spanish press says that Valencia FC is “technically bankrupt”.

Valencia’s bank Bancaja won’t lend them anymore than the 240 million already provided.

The lack of a hefty pay check at the end of the month may be affecting results on the pitch. Valencia have only managed to win 2 games this year.

Soriano, the club’s president, claims that he is close to obtaining a loan of 100 million from an undisclosed foreign lender, though it’s more likely he will have to sell one of his star players like Villa, who helped put the boot into England in Spain’s 2-0 win in the recent friendly in Seville.


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