Valencia's 2008-09 Budget Analysis
From laprovincia.es [30.9.2008]
The secretary and spokesman of the board of directors of Valencia CF, Jose Pastor, has appeared publicly to account for the items on the agenda, following the meeting of the governing body of the society on Monday, September 29, 2008:
1. Formulation of the annual accounts of Valencia Club de Futbol SAD and the consolidated group for the financial year 2007/08.
2. Analysis of the budget of the 2008/09 season, and the result of which, following the sale of plots of the Camp de Mestalla, throws a profit of 140 million euros before taxes.
3.The replacement of the members of the board of the Foundation appointed by the Club, with the aim of bringing in new directors to replace the previous ones.
The board of directors of Valencia announced yesterday that it expected to deliver 140 million euros of profit at the end of this season, as a result of the sale of plots of the area it occupies the field Mestalla, as reflected in the draft budget for this financial year 2008-09, recently initiated, which must submit for approval, if necessary, by the shareholders at the next general meeting, to conclude before the end of this year.
The announcement made yesterday by the club to confirm that the next president, Vicente Soriano, has very advanced negotiations for the sale of the land area of the current Valencia, as he himself has been saying in recent weeks. Similarly, the head of the organization is working on a formula for choosing the exploitation of tertiary Valencia's new stadium, on Avenue of the Valencian, for which there has been speculation that the company could enter a figure which would range around 650 million euros, which will eliminate the debt that haunts the club blanquinegro. Soriano has gone further, to ensure that the total amount may be even greater.
The meeting held yesterday that the board of directors, which lasted for three hours, was devoted almost entirely to economic matters. Valencia had to take up the draft budget before today, Sept. 30, as required under the statutes of the entity and has done so. The economic forecast for this season will be presented to the general meeting, whose date fixed for holding the board at the next session immediately. Valencia leaders also discussed the replacement of the members of the board of the Foundation appointed by the club, with the aim of bringing in new directors to replace the previous ones.
The latest developments come to prove that Vincent Soriano is scrupulously complying with all the points that were marked when they took possession of the presidency. First he assured the continuity of Silva and Villa in the template for what he had to improve their respective contracts. In just two months has brought stability to a club that was immersed in a total mismanagement, something that is reflected in the good sports scores, and last week ran the option to buy the package of shareholder Juan Soler, becoming the highest shareholder of the company, which now controls 47 per cent of the titles.
But it gives the impression that Soriano does not stop, is not content and want more and more for Valencia in their struggle to abolish the existing debt. So, has confessed that can be overcome to reach the 650 million euros of revenue from the sale of plots Mestalla and the exploitation of tertiary the new stadium. "Maybe it does not go far enough," spit out the president on Radio 9 when he spoke of the amount expected to enter.
The president expects to announce shortly Valencia have reached a compromise by the operations specified, so that the debt will be history. "With complete security, I can say that the sale will be conducted of the entire plot of the field Mestalla considered so unique and individual, which means I will have to negotiate with Juan Soler termination of the sale that took place in its day by the first of the sun, "said the leader, showing his confidence in the collaboration that was maximum shareholder of the entity until last week. "I think Soler has no unwillingness to negotiate," he added, confirming that he will meet with him soon.
With respect to the exploitation of commercial rights that will generate new stadium, the Valencia keeps open the two paths of self-planned management of the club or the transfer of a portion of those rights to a third party. "We continue with both options and will decide soon. Remains open the possibility of direct management over a long-term financing and we can also consider a mixed option, by which give a portion of the rights to another company. Whatever The chosen, clear to me we're talking about substantial revenue for the company Valencia CF, "said Soriano.
The president also referred, in terms of purely sporting matters, a progression that is showing the young Mata, one of the footballers of the template with the lowest tab; fails to 900,000 euros. "It's a great player and will have their reward when society deems it appropriate. We will know how to handle such situations."
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