Monday, September 24, 2012

Nou Valencia wants to terminate Valencia CF foundation

Nou Valencia is calling for the resignation of Valencia CF president Manuel Llorente and for the termination of Valencia CF foundation. Seems they have asked the justice department in Spain to look into this and they've charged the Valencia CF foundation of manipulating shares and not following the contract.

If you remember Manuel Llorente went to court for this last year and actually won in court, but there was a challenge put to the court order, though since then we haven't really heard what ultimately happened.

Valencia CF Foundation three years ago obtained a loan of 75 million euros granted by Bankia and endorsed by the Government, which were used for acquisition of shares in the capital increase involving the club and the annual subscription of interests that are around five million euros.

What you need to know is that Nou Valencia is headed by Dalport, an investment company based in Uruguay, it is actually a Spanish front for investors including Sanchis, Julian Marco, Jorge Santiago Araoz and Vicente Soriano.

Levante-EMV article on Dalport and Valencia CF shares

They wanted to take over Valencia CF in 2010, or as they called it to "save it", but Valencia CF foundation wasn't on board, neither was Bankia convinced and they couldn't take over.