MADRID - Former Valencia president Vicente Soriano has regained control of the debt-ridden Spanish club at the head of a group of investors who he says are ready to inject 500 million euros. Soriano, who stepped down just over a month ago, told a news conference in Valencia on Monday the group, Inversiones Dalport SA, had purchased 51 percent 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 also said a planned capital increase would no longer be needed. "The grand Valencia project was held up by the economic crisis," Soriano said in quotes carried in the Spanish media. "The club had a serious liquidity problem which paralysed its plan for growth," he added. "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 and work on a new arena had to be halted. The club sold defender Raul Albiol to Real last month for 15 million euros and Spanish media have reported that midfielder David Silva was also set for a move to the Spanish capital.
7 July 2009
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