Officials have gone public to deny rumors surrounding a possible bankruptcy at Valencia. According to Sporting Life, General Director Javier Gomez today flatly denied that the club has filed for bankruptcy protection.
Beyond that, however, he could do no better than to hint at plans to increase the club's "economic viability" and that they were working to create "economic stability."
But as Four Four Two has chronicled, Valencia will still have massive debts to pay, even when they are finally able to obtain a suitable price for the Mestalla. As construction costs continue to mount at the Nou Mestalla, the credit crisis has left Valencia without a firm offer for the purchase of its current stadium -- a sale that was to have gone a long way toward funding the new one.
After being snubbed by local bankers at Bancaja ("We are at the maximum level of risk allowed for any client”), Valencia President Vicente Soriano could only complain that "It’s hard that a Valencianan institution has turned its back on the club." Of course, if by "turned its back" he means "refusing to extend an additional 100 million Euros of credit to a club whose debts are reported to stand at 150 million Euros, owe 50 million more at the end of the month, and need another 200 million Euros beyond that to complete the Nou Mestalla" then yes, the bank has indeed turned its back on its neighbors.
Valencia's saving grace might appear in the January transfer window. Nouveau riche Manchester City is desperate for a world class signing, and have reportedly had a shocking £129 million bid for Real Madrid keeper Iker Casillas shot down -- by the player himself. Should the wandering eyes of Abu Dhabi United Group (owners of Man City) look Valencia's way, a clearout involving the likes of David Villa, Joaquin or one or two others, just might get the club out of desperate straits
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