Valencia Football Club is the latest victim of Spain’s property crisis.
It’s a bit of a tradition in Spain for wide boys from the property sector to buy football clubs, the best example being the late Jesus Gil, once mayor of Marbella, who bought Atlético Madrid. Valencia FC is dominated by the Soler family, big in property, who have played the usual property speculation game with the clubs grounds, and racked up massive debts in the process. Now the property market has seized up, they find they can’t sell the blocks they built on the club’s old pitch in Mestalla. And Valencia FC ain’t putting the ball in the back of the net either. You have to have deep pockets and a big ego to own a football club, because, as we all know, football clubs just burn cash. With so many clubs belonging to property trash, I wouldn’t be surprised if we see a few more clubs up for sale in the not too distant future.
Talking of football clubs, looks like Juan Antonio Roca even had a finger in that pie too.
He’s to appear in court on Wednesday after a police report linked him to ‘dealings’ in the Xerex football club between the years 2002 and 2004.
The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.