Acquistion of football club has sparked fury in austerity-hit region.
The local government of Valencia has taken over the running of the football club according to The Guardian.
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Valencia is one of the most cash-strapped regions in all of Spain, and has had to implement a number of austerity programmes that has cut local health and education services, but has now incorporated the Spanish giants under its remit.
The club defaulted on interest payments of £68 million which had only been granted on the condition of the local government registering itself as a guarantor, leaving the authorities will little choice.
‘We are aware of the importance that Valencia FC has to Valencian society and we will work so that the club can go forward in the best possible fashion’ said Jose Ciscar, the deputy head of the regional government.
Valencia currently sit 7th in La Liga and still have a number of players in their squad who would command significant transfer fees.
Most prominent of those is youngster Sergio Canales, who only joined the club last summer but would have no shortage of suitors were he to become available for transfer.
Striker Roberto Soldado is another player who is also likely to draw significant interest but it remains to be seen how the local government will seek to approach the running of the club.
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