Soriano returns to Valencia with injection of funds
July 7, 2009
Former Valencia president Vicente Soriano has regained control of the debt-ridden club at the head of a group of investors who he says are ready to inject €500m. Soriano, who stepped down over a month ago, told a news conference on Monday the group, Inversiones Dalport SA, had purchased 51% of the stock and the cash injection would effectively wipe out the club's debts.
He declined to identify the investors but said the group was backed by a large corporation with a global presence. He said a planned capital increase would no longer be needed. "
The grand Valencia project was held up by the economic crisis. The club had a serious liquidity problem which paralysed its plan for growth. The very existence of Valencia was under threat but this is no longer the case."Soriano's return could allow the club to avoid selling prize assets including striker David Villa, who has been linked with a move to Barcelona.
Soriano's plans were thrown into disarray last year when he struggled to sell the site of the old Mestalla stadium. The club sold Raul Albiol to Madrid last month and it was reported that David Silva was also set for a move to the Spanish capital.
http://soccernet.espn.go.com/news/story?id...416&cc=5739