The Sale of FC Valencia’s Mestalla Stadium Stalls Due to Divergent Price Expectations

6 March 2019 – Las Provincias

FC Valencia was hoping to close the sale of its Mestalla stadium by March of this year with the help of Deloitte, but a deal now seems a long way off after the comprehensive selection process undertaken by the audit firm failed to identify any bids that meet with the price expectations of the Mediterranean Club.

FC Valencia was hoping to obtain around €120 million for the plot, funds that it planned to use immediately to resume the construction of its new stadium, whose development has been suspended since February 2009 due to a lack of money. Three final round candidates were selected by Deloitte but none of their offers reached €100 million, let alone €120 million. In fact, all three bids fell well below, ranging between €70 million and €85 million.

Bankia is watching this process closely given that the football club still holds debt with the financial institution (mortgaged on the land). Time is running out for the football club. According to the timetable agreed with the Town Hall, the stadium on Cortes Valencianas must be finished by May 2021 and the former Mestalla demolished by 2023.

Original story: Las Provincias (by H.E. & C. V.)

Translation: Carmel Drake

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