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Apr 3, 2009

Struggling Valencia secure 50m euro loan

Valencia have secured a 50million euro loan to help ease their financial problems.

Valencia, one of Spain's biggest clubs, have been crippled by huge debts which has led to players not receiving full pay and construction work on their new stadium grinding to a halt.

Los Che also admitted for the first time last month that they might have to cash in on some of their star players, with Spain internationals David Villa and David Silva among the club's biggest assets.

The loan, which comes from local business group Fomento Urbano de Castellon, is set to be used towards paying off the outstanding wages.

Valencia, who play Getafe on Sunday, have won just twice in 12 competitive matches, during which time they have slipped five points adrift of the lucrative Champions League places in La Liga and been knocked out of both the UEFA Cup and Copa del Rey.

Valencia chief executive Javier Gomez and vice-president Fernando Gomez met with the players today to update them on the club's situation, and striker Villa welcomed the latest piece of news.

"It's important and positive news for all. It seems that a solution has been found for now and that's a morale-booster for Sunday," said Villa.

"We are happy not only because of the solution but because we've always been kept informed about it all and never been left in the dark.

"Now in these next 10 games what we players can do to help the club economically is to qualify for the Champions League."

Regarding his own future, the highly-rated hitman added: "I'm only thinking about the six years that I have left on my contract with my club, Valencia. I don't want to talk about anything else."

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