Former vice president Miguel Zorío gives details of his proposal endorsed by an international bank and a construction company to buy back the majority and finish the stadium. “This can be solved with money, we are not going to take them out with their heads”
248 million euros in cash to buy back from Peter Lim lmajority shareholding of Valencia CF and 120 more to finish the stadium that an international bank and a construction company would lend, to be repaid in 30 years at 3.5% interest. This is the offer that the former president of Valencia, Miguel Zorio, has introduced the Singaporean businessman to invite him to leave the Mestalla club.
Zorío has sent Lim to his home through “a businessman friend of his who is above the Forbes list”, he has delivered it to the headquarters of Deserve in Singapore and at the club’s head notary office in Valencia. Among the documents are the guarantees of payment of the operation of the financers, the bank and the construction company, whose names he did not want to contribute in public. “What I can assure you is that behind there is no other Peter Lim. There is a project in which they trust,” and that will lead him to the presidency, he admitted.
“The ball is now in Lim’s court and he has until April 2022 to answer, but it is not a negotiable offer. It is what Valencia can bear,” explained the former vice president. The planning now it happens that the employer signs that LOI (Letter of Intent) thus granting him five months of exclusivity. “You will not be able to enter an auction,” he warned. In 30 days, Zorío would have to deposit the guarantees that he claims to have in a bank (“that means he sees the money, but doesn’t touch it”) and then he would have three months to make due diligence “to avoid surprises when entering”. After this exhaustive audit, the sale would be closed in a month.
“This can only be fixed with money. We can’t throw them out, we have to sit down with them and negotiate the payment of what he believes the club has cost him. Pay him to leave with honors, but to leave, “Zorío described.
The plan took shape in April and was transferred to Lim in June, “but then the payment proposal was not in cash and he told us no.” It consists of making Valencia the buyer of Lim’s shares. The club receives the financing to buy the majority (which it could only hold for two years in treasury stock) and activate the works of the new stadium, which would be finished in three years and would begin to be paid at that time.
Return in 30 years and ‘Athletic model’
That loan, at 3.5% interest, would be repaid in “between 20 and 30 years, as Real Madrid has done for the Bernabéu and Atlético works with Wanda,” Zorío explained. Does Valencia have the capacity to borrow? According to Zorío, yes, because the operation involves the sale of the Mestalla land, which would eliminate 120 million euros of the debt at a stroke. Furthermore, the ultimate intention of all this operation is that the shares that are repurchased are sold among the fans, “in an operation like the one he did. Luis Casanova in the 60s. “That would also bring income. The rest would come from the management of the new board of directors.
“Valencia is worth zero patatero. A month ago I warned that it would enter into dissolution cause. It is bankrupt. Why is that money paid then? Because we want to recover Valencia and we believe that it is possible with the same roadmap that Atlético drew with Miguel Angel Gil. What guarantees does the bank ask us for? Those that we have presented to you with a business project that guarantees economic and sporting growth and goes through finishing the new stadium. Without the new stadium this club is a ruin, “stated the former vice president.
In the appearance he was accompanied not only by his collaborators -special thanks he showed to Pablo Delgado and Jaime Roig- but also by the President of the Cortes, Enric Morera, the regional secretary Francesc Gamero, or the regional deputies of Citizens Ruth Merino and Fernando Llopis. He was also accompanied by the president of the Federation of Neighborhood Associations, which is pending the demolition of the illegal stands in Mestalla. “I am holding a press conference to acquire public commitments. Some financial entities already know what we intend to do and I want politicians to know that when they make courageous decisions, the club is not going to hell.”
The question now is whether Peter Lim sells. “I have a reply yesterday at five in the afternoon from Singapore that says it looks favorably. We are going to give it until April because the club’s economic situation is going to get worse. The capitalization that it is going to do will adjust the balance, but the cash situation remains the same. We already know that he has put this offer on the market. In June he had the club for sale in London and no one has matched it. It will mature because management has gotten out of hand“, assured Zorío.
“If he doesn’t want to sell, he will have to put in more money. And if he puts it in and makes the stadium, well done will be our job. Because what we want is for Valencia to have life. Now we have a salary limit situation like Eibar in Second. Valencia is broken, “he insisted.
The former vice president appealed that the recovery of his credibility after a controversial stint at the club led by Vicente Soriano, will demonstrate it “with the facts”: “For seven years I have been denouncing what is happening and it seemed the Palleter, but far from dying in battle, everything he denounced has been fulfilled. ”
He also sent a conciliation message to the rest of the platforms opposing Lim: “Each one has its strategy, but we are not in a position to wait seven years in a legal battle or to collect 5% of shares that they can increase with an expansion. This is up to us to fix it now. ”
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