Thursday, August 7, 2014

Update on the sale

Well it looks bad so far. We are less than ten days to the deadline and President Salvo's most recent comments weren't too encouraging either. The Porxinos case seems to be on the way to resolution but Bankia is yet again giving major problems to the Salvo and to Lim.

 The previous post about the sale, discussed that Bankia were delaying the process by submitting documents to Singapore in Castillan (Spanish) and not English. There was also delay because of the time difference between Singapore and Spain. However, even with Lim's representatives traveling to Spain, there are more complications.

During the most recent press conference made by President Salvo, he says that there is no respect given to them by Bankia. He also adds that no progress has been achieved since last week. None at all.

Lim and Bankia had already agreed terms as early as June 6 and it was pretty much just the Porxinos case left. However, during the next two months, Bankia decided to go back on the agreement and change/add undisclosed conditions that suited their own personal interests, much to the outrage of Lim and Salvo. No one can understand why Bankia suddenly wanted to add more conditions when they had already settled the issue.

Salvo insists that Bankia have the most to benefit from the sale of the club. After all, that is the only way, they'll get their money. By no other means can Valencia CF make the payments that are due at the end of this month, or any other payments, as a matter of fact, without this deal going through. So, if Bankia want their money, they have to start cooperating. Hopefully sooner rather than later. I don't even want to think about what would happen if they don't. Let's just hope Salvo can pull Valencia CF out of this situation like he has done so far. The input and output transfers are fully operational so far, and there is no change in behavior there which means the club is still confident it can make this work.

Any thoughts?