Valencia fans purchase shares to keep the club afloat

In just six weeks, Spanish Valencia fans have managed to secure EUR 18 million to help keep the club afloat.

As reported by Bloomberg, 26,000 fans joined forces to push the club through their financial struggles. The figures were confirmed in a statement released by two-time Champions League contenders Valencia, proving the loyalty of club fans worldwide.

The selling of shares took place through to August 21, with fan Jose Antonio Alcala confirming that “the people won’t let the club disappear.” Alcala spoke outside of the club’s venue, moments after shelling out EUR 961 for 20 shares.

A second share sale is already in the works for Valencia, as a last-ditch effort to resolve a portion of the club’s EUR 502 million debt load. The number represents five times that of Valencia’s annual income, forcing the club to consider selling their stadium for EUR 300 million.

Top shareholder Juan Soler has shown interest in unloading his 37 percent stake since last September, when he vacated the presidency. Although it seemed likely that investment group Inversiones Dalport SA would assume ownership of the shares, the deal never became a reality.

The club statement further noted that the foundation “is starting the process of giving the club back to Valencia fans.” The club triumphed in the Spanish League in 2004, holding on to the 19th richest spot in the world by the following year.

Unfortunately, the club was unable to combat the effects of the recession and stopped construction on their new stadium earlier this year as a result.