Valencia’s Economic Crisis: All you need to know about the club’s increasing debt and deteriorating performances
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Valencia confirmed that AC Milan legend Gennaro Gattuso will take coaching duties from next season at the club. But Valencia has had a rough patch lately with all their financial struggles and turmoil. Let us revisit the shambolic situation the club is facing.
Almost 1,000 Valencia fans gathered outside the club’s Mestalla stadium for protests. Before a minute of silence, candles were lighted at a fictitious vigil. Fans hoisted banners that said, “Valencia, R.I.P.”
The club had announced earlier that day that captain Dani Parejo had joined regional rivals, Villarreal.
Surprisingly, it was revealed that the central midfielder – largely considered one of the greatest in La Liga in his position – had been sold without a cost. It was also announced that another Valencia midfielder, Francis Coquelin, had joined the Yellow Submarine.
At the Mestalla, the ex-Arsenal man had cemented himself as a fan favorite, with his confrontational style of play appealing to the crowd.
Valencia captain Dani Parejo departed the club
According to reports, the sale was completed for a low initial cost of £5.8 million, increasing to £7.2 million with add-ons. Parejo had guided Los Che to the Copa del Rey and a second consecutive top-four finish in La Liga a little over a year before. Coach Marcelino Garcia Toral, who had a strong working connection with athletic director Mateu Alemany, was responsible for the victories.
Before their debut in 2017, Valencia had struggled to finish in the top half of La Liga in either of the two seasons prior to their arrival. Despite his on-field accomplishments, Marcelino had a tumultuous relationship with the club’s owner, Peter Lim, and was fired in September.
Marcelino said after his dismissal that Lim had never even greeted him or the squad on lifting the Copa earlier that year, according to Marca. That was the club’s first trophy in 11 seasons, and the city erupted in joy.
“For him [Lim], it was a subsidiary tournament, and it jeopardized Champions League qualifying, therefore we weren’t appreciated,” Marcelino explained.
As the club’s turmoil continued, Alemany submitted his resignation following Marcelino’s firing.
Valencia has experienced a number of outgoings from the clubs
Albert Celades, a former Spain Under-21 coach, was chosen as a coach, and although guiding the team through a difficult Champions League group – they faced Ajax, Chelsea, and Lille – their form collapsed in the second part of the season.
Former Watford manager Javi Gracia is the next manager, but he has a thankless and difficult task ahead of him. Valencia’s president, Anil Murthy, acknowledged that the club is having a “tough season,” but emphasized that they must take these steps to avoid insolvency.
“We are preparing for a difficult season, and Valencia will not be the only afflicted team,” Murthy stated, according to Football Espana.
Celades was fired as the club’s expectations for European football dwindled. Since Singaporean billionaire Lim acquired the club in 2014, he has fired six managers, with ‘Voro’ returning to the helm for the final weeks of the season.
It was his sixth tenure as interim manager of the team, however, he was unable to turn around the club’s sinking fortunes. Valencia came in ninth place, 17 points off of a top-four spot. Cesar Sanchez, the sporting director, quit amid the tumult.
Ferran Torres also left Valencia for Manchester City:
Former Watford manager Javi Gracia is the next manager, but he has a thankless and difficult task ahead of him. Not only have Parejo and Coquelin left, but also Ferran Torres, the club’s developing star, has joined Manchester City.
The dynamic winger was reportedly sold for a rumored initial cost of about £20 million, widely considered to be much below his real market value.
This was largely owing to the fact that the 20-year-old was nearing the final year of his contract, but there was another aspect of the situation that enraged the club’s supporters.
Torres spoke with Marca in an interview that revealed the continuous schisms behind the scenes. He was harsh on the atmosphere at Mestalla, and he singled out Parejo for special criticism: “He was not a good captain for me.”
Valencia, according to a story in Marca, is cutting their budget by 40%, with last season’s pay cost of £166 million to be reduced to £90 million.
Many of the chants chanted during this week’s demonstration were directed against Lim and his private investment firm, Meriton Holdings.
Valencia, often recognized as Spain’s fourth-largest club, is experiencing visible unhappiness among its board and fans, and tensions are rising once more. They finished the season on the ninth place.
All indicators point to the friction becoming worse before it gets better, and there are no expectations for the upcoming season.
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Ujan Chakraborty
(1240 Articles Published)