VALENCIA’S regional government has caused widespread anger after being forced to take over one of Spain’s best known clubs, Valencia.
The authorities were forced to step in after acting as guarantor for an €81 million loan the club failed to pay back.
The region’s administration is one of the most indebted in Spain and has introduced a number of austerity measures which have severely affected health and education services.
The regional authority already part-owns two local second division clubs, Elche and Hercules and is saddled with the unused Castellon airport and a hospital it can’t afford to open.
The regional government has vowed to sell the club as soon as possible, although it is unclear how they will service the debt with the club’s star players not expected to be sold.
“We are aware of the importance that Valencia CF has to Valencian society and we will work so that the club can go forward in the best possible fashion,” said the regional government’s deputy head, Jose Ciscar.
Valencia region, one big fail.
A Regional Authrity running a football club. They will be putting their EU money in this soon. How corrupt is it to wash money down the drain with a football club. I expect they will be in the VIP boxes at every match now. Only in a third world country can this happen.
Commercial football is simply show business. As such it must be allowed to fail if it is run badly.