Valencia reduce debt
Los Che slash debt by €150million after player sales
By Francisco Acedo. Last Updated: 05/10/10 10:19am
Valencia president Manuel Llorente has revealed the club have reduced their debt by €150million.
Los Che have made an excellent start to their Primera Division campaign and currently sit top of La Liga but are embroiled in financial problems.
Valencia sold a number of key players in the summer in an attempt to reduce their massive debt, with David Villa heading to Barcelona, David Silva switching to Manchester City and Carlos Marchena leaving for Villarreal.
President Llorente claims that the club's debt was €550m at the end of last season but that it has now been reduced to €400m.
He said: "In the summer 2009 this number was at €550 million and now this is reduced.
"It is necessary to follow our trajectory in all the aspects."
Valencia are planning to move into a new 75,000-seater stadium but work on the ground has stopped because of the financial problems.