MADRID, July 25 (Reuters) - Valencia's majority shareholder
Juan Soler has sacked the club's recently appointed financial
consultant Juan Villalonga and agreed to sell his shares in the
debt-ridden Primera Liga outfit to former rival Vicente
Soriano.
The club, in danger of financial meltdown, has been in a
state of internal turmoil over the last few seasons with Soler
under increasing pressure to step aside.
Villalonga, the former head of Spanish telecommunication
giants Telefonica, was brought in last month to advise on the
situation and put together a plan to salvage the club but Soler
accused the businessman of failing to live up to expectations.
'I want to make it clear that Villalonga didn't leave by
his own accord, he was sacked,' Soler told a news conference
Thursday. 'I gave him a trial and he didn't pass it.
'We are a viable club economically speaking even though we
are going through a difficult period.'
Soler said he had reached an agreement to sell his packet
of shares to the club's second biggest shareholder Soriano for
71.6 million euros ($112.5 million).
'I do not want to make a euro out of the deal,' Soler said.
'Soriano will now have all the political power and I will give
him all my support.'
Earlier, Villalonga had said the club was in danger of
folding completely.
'Valencia are exactly 439 million euros in debt,' he said.
'If we add to that the 350 million that has to be paid for a
new stadium it rises to 739 million.
'Do you know how much money Valencia has to pay before
December 31 this year? Some 150 million euros... We have a
patient in intensive care who is in danger of dying,' the
businessman concluded.
On the pitch, Valencia were also in chaos last season as
they got through three different coaches and diced with the
threat of relegation although they gained some consolation by
winning the King's Cup.
Spanish media has reported that the club may have to sell
some of its leading players such as Spanish internationals
David Villa and David Silva if they are to weather their
financial crisis.
