Friday, October 1, 2010

Valencia debt reduced by 150 million euros

Valencia CF reduced their debt by 150 million euros this year, which last year was 550 million euros. Now the debt is at a more reasonable 400 million euros and most importantly the expenses which last year were at 120% percent of the profits are not at 77% percent.

Valencia president Llorente had this to say: "Last year in July our debt was 550 million euros, a year later it was 430 million euros and for less than two months the debt has been reduced by another 30 million euros. This speaks by itself how important it is for us to play in the Champions League, because the majority of the money we earned in that competition."

"Losses from 2005 to 2009 raised to 213 million euros, and it the new season we managed to reduce the debt to fairly reasonable levels of 400 million euros." said Llorente.
"Llorente said how Valencia won't have many expenses this season in order to have between 7 million to 18 million euros for reinforcements in the next season."

“We still have outstanding issues, however, for example the new stadium, where we have invested €150m but still lies unfinished.”

The goal for Valenca's management is to reduce the debt by 35% in the foreseeable future. In the next management meeting the officials will discuss plans for the new Mestalla and its said there will be a lot more information on what the plan is with the new stadium.