Investors interested in the stadium also want ownership of Valencia
At least two operations are already on the table of Bankia, while the Foundation insists on not selling the club
The future of the new Mestalla and shopping area begins to link increasingly force the majority shareholder of Valencia, still in possession of the Foundation. Although patronage has always shown his desire to resist the onslaught, Bankia to repay the loan and make the sale the club, sources close to the negotiations indicate that in the end it will be forced to link an issue to another if you want to find investor to complete the work.
The best example of this situation is undergoing KPMG, the firm that has the task of searching for groups that want to invest in the completion of the new field in return for the commercial exploitation of the Tertiary. So far people have come asking for the works have made it clear that the operation only interested if it enters the 'pack' Valencia property.
Although the club is facing serious financial difficulties and there are two relevant loans outstanding (that of 219 Valencia and 81 plus interest of the Foundation), the possibility that in the medium term future to establish a better distribution of rights TV in Spanish football is an added attraction for business. Now revenue lowly clubs relating to two (Real Madrid and Barcelona) vary in a ratio of 1 to 6.5, while the objective of the LFP is to reduce the imbalance to 1/4, 5.
Valencia, with this new division of the pie, get more pinch. Even has created a division KPMG (KPMG Sports, advised by Cuatrecasas) that will specialize in the management of clubs.
Although the ownership of shares is still formally held by the Foundation, and waiting for the Supreme Court ruling on the collateral, up Bankia and two proposals have come to buy the Valencia. In both cases, the talks have not gone to more precisely the position at all times and have remained about the patrons of the Foundation. Not want to sell now or in the future.
"Why do not you sell?" Listen employers in each of the meetings with Bankia. That would be excellent eye bank this formula, despite the wear and tear that could lead to the grassroots level, is beyond doubt, according to sources support the Foundation. But, in the same way, we see that the Consell, despite all the problems that exist, consider that Valencia is a value that should be preserved, preventing it from falling into foreign hands.
Nevertheless, it is clear that Valencia and its Foundation will have more problems than expected to fulfill the roadmap that had been proposed in regard to the stadium, by far his most iconic. And not only on the timing set-which is now quite late, but by what you see on principle.
It is this latter concept generates the most concern. Both Federico Varona as his successor, Aurelio Martinez, always coincided in pointing out that they do not want to sell the Valencia and previously submitted his resignation to accept this solution. Moreover, Martinez and said at the time that he would resign at the time refinancing was signed with Bankia.
The problem is what is coming from various sources close to every conversation. They perceive that the sale of Valencia may be the only way out that the market offers to the economic hole. The one who put the money to finish the stadium will not settle tertiary explode after for at least 15 years, but also included in the 'pack' the domain of a society that does not stop seizures.
The course, in any way at odds with the position of employers. Moreover, in the order made by the KPMG Foundation have given precise instructions that the objective of this firm is not to find buyer for 70% of the shares of Valencia, but find someone who puts on the table approximately one hundred million euros (after the recent cuts in materials and design) runs the field, stopped since February 2009.
Neither are at stake, in the plans of the Foundation, the 1.4 million shares of Valencia in the hands of the entity nor the old Mestalla, because it is considered that the price that would be obtained by the old lot would be lower than it really does. Better, then, to wait until the market rebounds.
Around the property, absolute firmness, precisely because the spirit of this board is to preserve at all times the identity of Valencia as a club belonging to Valencia. In fact, it provides the option to the emergence of a local initiative, but not to buy shares but to exploit the commercial.
Although it has always been said that the ideal scenario is democratization, the Foundation gives priority in the current conditions continue to dominate the Valencia. That does not stop at some point may consider selling a portion of that 70%, but it would be a tweak that did not threaten their power and with a fairly high price of the shares. This will take as reference the 90 million euros pending Bankia return for credit of 81 million plus interest.