SINGAPORE - Valencia president Anil Murthy has told the Spanish La Liga's club's supporters that it needs to be"responsible" as it braces for the"serious" impact of Covid-19 on football.
NEED FOR FINANCIAL PRUDENCE Murthy highlighted that the club is in better financial shape now than in the recent past - it racked up debts of up to €547 million in June 2009 - and has been able to start financing the debts from 2017, when previously it had not done so since 2009. But even with its Copa del Rey success, continuing to spend imprudently on players, he added, was"not sustainable"."We stopped it and cut losses before we go too far into trouble," explained Murthy.
"So we have to rebuild," he said."This is neither the beginning nor the end. We must learn from the past. TRANSFER MARKET In a bid to reduce their wage bill, Valencia sold winger Ferran Torres to Manchester City for €23 million while midfielders Francis Coquelin and Dani Parejo joined Villareal for a reported combined €11 million to Villarreal.
STADIUM PLANS STALLED Murthy also addressed ongoing efforts to sell and redevelop the club's Mestalla stadium, after a deal with ADU Mediterraneo fell through as the real estate developers could not secure financial guarantees for the reported €113 million transaction.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Football: World Cup winner Blaise Matuidi joins David Beckham's Major League Soccer club Inter MiamiMILAN (AFP) - France's World Cup winner Blaise Matuidi will join David Beckham's Major League Soccer club Inter Miami, the American club announced on Thursday (Aug 13).. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Football: Dutch club mourn tragic drowning of Chinese youth star WangTHE HAGUE (AFP) - Tributes poured in on Friday (Aug 14) for ADO Den Haag rising youth star Kairan 'Max' Wang who drowned two weeks ago in the North Sea near The Hague.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Football: If you don't like it buy your own club, says Atletico chief after European exitMADRID: Atletico Madrid fans who were critical of coach Diego Simeone's tactics should go out and buy their own club and pick their own starting ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Sancho going nowhere, says Dortmund chief WatzkeBorussia Dortmund chief executive Hans-Joachim Watzke says the Bundesliga club will not be making any major signings this summer but ruled out the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Singapore wins rights to host Lions Clubs convention in 2028SINGAPORE has won the rights to host the 110th Lions Clubs International Convention in 2028, an event expected to attract around 20,000 foreign delegates and generate over S$58 million in tourism receipts. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore wins rights to host 2028 Lions Clubs International ConventionSINGAPORE has won the rights to host the 110th Lions Clubs International Convention in 2028, with the event expected to attract around 20,000 foreign delegates and generate over S$58 million in tourism receipts. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »