Valencia End Season In The Black
Valencia have ended the year with a €4m profit.
After years of spending beyond their means and flirting with bankruptcy, Valencia have finished the season with income outweighing expenditure. This will help to alleviate some the enormous debt inherited from previous owners. The economic team’s work, headed by vice president Javier Gómez, has managed to at least stem the massive losses that were seeing the club edging towards liquidation.
On the 30th of June 2009, Valencia had a record level of debt of €547m. This is mainly because in the six previous years, the club had “spent €300m more than their income.”
In an era when business was booming, with Juan Soler as president, the Mestalla club were accumulating huge deficits every season, The largest deficit came at the end of the 2008/09 season, with Vicente Soriano as the president, standing at a loss of €72m.
The previous season (2007/8), Juan Soler’s last season, the club brought in a total of €100m, however expenditure was a massive €160m. These losses were at first covered over by the sale of the land around Mestalla.
Now, with Manuel Llorente at the helm, Valencia have once again earned “the confidence of financial institutions.”
The club’s main aims at the moment are to continue gradually reducing the debt, and to sell Mestalla and the surrounding land. The other challenges facing the club include finishing the stadium in order to earn more income, to keep and increase the number of fans and members of the club, to boost the first team and win a trophy in order to calm the fans who are used to success, and finally, to not conform to being a third place team behind Barcelona and Madrid.