Cash-strapped Valencia secure loan | inside World Soccer

Cash-strapped Valencia secure loan

Saturday, April 4, 2009

Valencia have made a big financial move by securing a €50 million loan in order to help ease their financial problems.

They have also approved a capital increase of €92.4 million on June 6 as they look to save themselves from financial disaster.

Valencia chief executive Javier Gómez made the announcement to players on Friday.

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

"It's positive and major news for everyone," striker David Villa said of the loan.

"We only have 10 matches, and what we can do to help the club economically is to qualify for the Champions League."

The two-time Champions League finalists, 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 Villa and David Silva among the club's biggest assets.

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