Thursday, July 31, 2014

The Board votes YES to Lim!

The board has voted in favor of selling 70% of the shares to Peter Lim. The meeting also featured members from PwC consulting and Meriton Holdings Limited which explained the terms of the contract and what they can offer at the beginning of the meeting. The meeting took almost five hours and from the 19 trustees at the vote, 17 voted 'yes' and 2 voted 'no'. With this the contract between Meriton Holdings Limited (Lim's company) and Valencia CF is agreed upon. The sale will be subject to the cases with Bankia and Porchinos being resolved.

The next date to look forwards to is August 16, which is the date when exclusitivity between Bankia and Meriton Holding Limited ends. If the deal with Bankia is not settled then things will fall apart quickly since ten days after (August 26), a payment of 44 million is due to Bankia. The Porchinos case on the other hand is said to be on its way to resolution and should be solved the week before the August 16 deadline (from the 11th-15th of August).

There are some reports that Aurelio Martinez the President of the Valencia CF Foundation, has declared his resignation in the press conference after the vote conditional upon the sale of the club.

This vote is pretty significant. This when transfers in and out will pick up speed. Expect a lot of movement this coming week, particularly the likes of Balanta, Enzo Perez and Zuculini. Meanwhile, Guaita, among others, will be announced out following the arrival of Yoel Rodriguez on loan.

In case you're wondering who voted 'no', Christopher Grau of the City Council was one name who was said to have disagreed with the wording of something in the contract. The other figure was unidentified. Apparently there wasn't much anonymity in the vote.

Any thoughts?