Fans buy shares in Spanish giants Valencia
Financially beleaguered Spanish soccer club Valencia has been handed a vital boost thanks to a share issue that it hopes will allow it to finance a new bank loan.
The Primera Liga club has raised US$26.5 million through the share issue, with some 26,000 fans buying a stake. It now plans to secure a loan of US$106 million, which it intends to repay with a second share sale.
"The foundation is starting the process of giving the club back to Valencia fans," said a statement on the club website.
The club is one of the most popular in Spain, and reached the Champions League final in both 2000 and 2001. However, the global financial crisis combined with the spiralling costs of building a new stadium and the inability to sell the old stadium have left the club more than US$700 million in debt.blog comments powered by Disqus
- Overall value: US$26.5 million
Valencia signs Viagogo as ticketing partner - 21 September 2012
Valencia and Two Circles in CRM partnership - 04 April 2014
Valencia CF team up with Aspar MotoGP team - 28 January 2014
Kappa coup snatches Valencia from under Nike’s noses - 11 February 2009
Valencia secures Herbalife as shorts sponsor - 15 September 2009
Related blog posts
Valencia chief bullish on Formula One future - 17 January 2012, Notes & Insights
Real Madrid and Barcelona take rivalry overseas - 18 February 2011, Notes & Insights
America’s Cup in surprise switch to UAE - 06 August 2009, Notes & Insights
Relief in Valencia as Alonso ban is overturned - 18 August 2009, Notes & Insights