Valencia faces prospect of sale to escape debt


VALENCIA, Spain (AP) -- Valencia is facing the prospect of being sold to escape its near 300 million euros ($415 million) in debt.

The six-time Spanish league champion has been unable to keep up with payments on an 80 million euros ($110 million) loan from Spanish bank Bankia, and few alternatives have appeared.

Bankia says "refinancing doesn't look possible since we have not received any sustainable plan from the club. With a lack of investment (...) the only other alternative is to look for investors that can guarantee" the club stays afloat.

Valencia president Amadeo Salvo said selling the club would be acceptable "for 250 million euros ($345 million) that would wipe the club's debt and allow shares to be repurchased."

Valencia's provincial government also has a stake in the club.