Wednesday, 3 December 2008

Valencia A Step To Bankrupt....!

Urgent talks are taking place between Valencia and a major Spanish bank in a bid stave of the ever-increasing threat of the club having to declare itself bankrupt.

Valencia Face Up To Bankruptcy Fears
Los Che directors have been locked in negotiations with Bancaja in a bid to resolve the crisis that was hidden from the media glare over the summer months.

A series of payments, worth over €50 million, must be paid by Valencia before December 31 and if they do not then the problem could become irreversible, according to Marca.

The club remains paralysed while news of how bleak things really could be is awaited, but assurances will soon be sought over players wages, the salaries of nearly 300 club employees, payments to the business union (UTE) responsible for the construction of a new stadium and the payment to creditors.

Talks were held on Monday with Bancaja in a bid to hold off the freezing of the club's accounts as details began to emerge that while their is calm on the surface, beneath it is extremely serious.

Reports in the summer suggested that the financial picture at the club was bad and that one or more star names, including David Villa, David Silva or Joaquín, would have to be sold to balance the books.

Vice-president Miguel Zorío and director gernal Javier Gómez met with Bancaja officials on Monday and while both sides went in with their own positions in mind, it is believed that some leeway was sought.

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