Valencia CF: Bankia refuse to refinance debt and call for sale of club

Spanish bank Bankia have refused to refinance the €85 million debt of the Valencia CF Foundation (created in 2010 to redress the club), and have asked them to find a buyer for Valencia (La Liga), on the 10/12/2013. The Valencia CF Foundation owns 70% of the club's shares.

"Bankia has received no sustainable plan to move towards a refinancing of the loan. The search for investors which would permit a good sporting social and economic project is the most viable path for the Foundation," said Bankia in a statement during Valencia's AGM, on the 10/12/2013.

"Bankia is not going to sell Valencia today. If someone comes to buy Valencia it will be here, in front of the shareholders, and they will do it presenting a sporting project. Until a judge says different, we own this club. I have always said that we must accept that the club could be bought with €250 million," said Amadeo Salvo, the club president at the AGM.

The president reminded that any buyer must be willing to support a major sports team, to cancel the debt of the club and the Foundation, and to complete the new stadium: "If they…