Vicente Soriano has taken back control at Spanish soccer club Valencia, and claims to have solved the club's crippling financial problems.

Soriano gave up the presidency of the club earlier in the year, but is now heading a consortium which claims to have secured US$700 million to wipe out its huge debt.

According to reports in the Spanish press, Soriano will receive US$160 million as part of a deal that will see new investors Inversiones Dalport pay US$280 million for 51 per cent of shares and majority control of the club before injecting hundreds of millions more.

"The grand Valencia project was held up by the economic crisis," said Soriano. "The club had a serious liquidity problem which paralysed its plan for growth," he added. "The very existence of Valencia was under threat but this is no longer the case."

On the surface, it appears to be fantastic news for the club, which will no longer be forced to sell its star players, including Spain striker David Villa, a target for Real Madrid. However, the press conference was marred by claims from the press that no information about  Dalport was available on the internet. Later, Spanish newspaper Marca discovered that the eagle logo for the Dalport organisation appeared to have been taken directly from a children's colouring book.

Manuel Llorente, who replaced Soriano as Valencia president in June, said that if Soriano and his group, "bring bank guarantees then we will welcome him with a guard of honour," but expressed his scepticism about the deal.