Valencia president resigns over disagreement

Valencia's president Manuel Llorente resigned from the financially troubled La Liga club on Friday over a disagreement with their major shareholder.

"After listening to the new president of the foundation [which owns 70 percent of the club] I understood that a new era was beginning. I hope the club and the foundation can sort out the problems," Llorente told a news conference.

Llorente took charge for his second stint as president in 2009 and in looking to reduce the club's crippling debts was responsible for selling players such as David Villa, David Silva and Juan Mata.