Thursday Football

05 March 2009

by Jerrad Peters

Boardroom shakeup at Valencia

Valencia Club de Futbol moved to halt the ongoing financial crisis at the Mestalla and reassure creditors, Wednesday, by promoting Javier Gomez to Chief Executive Officer of the Spanish league outfit. Gomez will be tasked with restructuring the club's estimated debt of 450 million euros. Primarly lender Bancaja—to whom the club owes more than 240 million euros—were involved in the decision to appoint Gomez to his new position.

            At his Wednesday press conference, Gomez admitted that the club is in a very delicate situation and pledged to "control spending, grow income and sell assets."

            When asked if he would consider selling star players such as David Villa and David Silva, he stated, "Obviously we will consider that type of action. We have to control costs and the biggest cost in a football club is maintaining a team."

            The exits of Villa and Silva would come as a massive blow to club president Vicente Soriano. The 57-year-old came into his position in August on a platform that included a promise to keep Valencia's best footballers at the club. Soriano is also the club's major stakeholder. He purchased a 37% interest in Valencia from former president Juan Soler for 70.7 million euros in 2008—valuing the club at slightly more than 190 million euros.

            Soriano's plans to build a new stadium for the team have also hit a snag. He was unable to fund the construction by selling property adjacent to the Mestalla, and work on the new grounds has been delayed indefinitely. Because of the cash shortage, he is also withholding an estimated 15 million euros of players' wages.

            The new stadium has been in the works since 2004, when Valencia's total debt was 90 million euros. It has quintupled in the four years since, and Gomez concedes more must be done to get it under control.

            "Before, we had a plan that was based purely on selling the land [around the Mestalla]," he said. "Now we need to seek alternatives. We need to win back credibility with the financial institutions.

            Soriano could have shaved 55 million euros from the balance had he accepted Real Madrid's offer for Villa in the summer. He opted to keep the striker, however, and turned down a similar bid from Manchester City as well. Liverpool's advances for Silva were also spurned.

            Instead, Soriano hired former telecommunications executive Juan Villalenga to serve as the club's financial consultant. Villalenga lasted just two weeks in the job before being sacked—having estimated Valencia's debt to exceed 800 million euros.

Where will they go?

If Javier Gomez advises the sale of Valencia players to cover the club's debts, an assortment of high-profile footballers might soon be on the market. Here's a look at who they are, and where they might go.

David Villa: Striker, 27-years-old, 21 goals so far this season. Real Madrid and Manchester City have already expressed interest. Rafael Benitez would love him at Liverpool, but the Reds won't be spending big money anytime soon. Probable transfer fee: 30 million euros.

David Silva: Left-sided midfielder, 23-years-old, 4 goals so far this season. He returned from an ankle injury by scoring a brace against Atletico Madrid in January. Again, Manchester City and Liverpool are likely destinations. But don't rule out a move to either Barcelona or Inter Milan. Probable transfer fee: 18 million euros.

Juan Mata: Left-winger, 20-years-old, 8 goals so far this season. The tricky winger is one of the hottest commodities in Spanish football. Expect both Barcelona and Chelsea to come in for him, although Real Madrid is the more likely destination. Probable transfer fee: 12 million euros.

Vicente: Winger, 27-years-old, 6 goals so far this season. The former Levante player is more within Benitez's price range. AC Milan could take a flyer on him as well. If he stays in La Liga, it will probably be with Sevilla or Atletico Madrid. Probable transfer fee: 8 million euros.

Manuel Fernandes: Midfielder, 23-years-old, 2 goals so far this season. He's got a ridiculously high buyout clause that Valencia will have to waive. Everton are an option here, as are Benfica, Porto, and Manchester City. Probable transfer fee: 7 million euros.

 

jerradpeters@gmail.com