Valencia CF, the six time La Liga champions, As a result, the club is unable to pay the wages of the players, and are also at a risk of dropping out of competitions in future.
Once revered as one of the top tier football clubs in Spain, and having their dressing room graced by some of the greatest footballers of all time such as the likes of David Villa, David Silva, Juan Mata, Jordi Alba and more, Valencia’s performance has somewhat dropped in recent years, as well as their reputation.
From having their last La Liga trophy all the way back in 2004, the 2019-20 season finished for Valencia with a 9th place in the league table. They were also one of the worst affected clubs in Spain amid the ongoing COVID-19 pandemic.
However, the most worrying news currently coming out of the Mestalla is, the Bats are under a huge financial mess. The board has reportedly failed to deliver the full payments for the squad for the 2019-20 season, and the players have been out of salary since June.
Valencia’s IOU and selling too many players can cost them to drop out of competitions
According to Cadena Cope, the club captain José Gayà, joined by Rodrigo and Jaume Costa recently held a meeting with club president Anil Murthy, regarding the proposed IOU notes regarding player payments.
The notes, which had a proposal of delayed and uncertain payment until 2021 instead of the next three months, which was disagreed by the squad. The meeting took place at the The Ciudad Deportiva de Paterna, Valencia’s training ground, and was held following Murthy’s controversial letter on countering the financial crisis.
The letter said that the club will sell players who either have high wages and who’s contracts are expiring within two years. In addition to that, old players and those who are prone to injuries were also mentioned to be on the club’s transfer list soon.
As the club tries to make up for the economic catastrophe, club veterans Dani Parejo and Francis Coquelin were both sold to Villareal CF last week. 12 more first team players are said to be put on the transfer list, which includes midfielder Geoffrey Kondogbia.
“The club can no longer pay the players. The financial situation looks dire. The leaders offered IOUs that the players logically refused. If no agreement is reached, the team will not be able to play any competition,” Valencia’s French Twitter handle posted on Monday.
Le club ne peut plus payer les joueurs. La situation financière a l'air gravissime. Les dirigeants ont proposé des reconnaissances de dette que les joueurs ont logiquement refusé. Si aucun accord est trouvé, l'équipe ne pourra jouer aucune compétition.
— Valencia CF 🇫🇷🦇 (@ValenceCF_FR) August 17, 2020
The club is also planning to slash 40% of their wage budget for next season, reducing the €183.7m annual expenditure of last season to somewhere between €100m-120m for the next.