Valencia is undeniably one of the prominent forces in Spanish football history. The club boasts an impressive haul of silverware, including six La Liga titles, eight Copa del Rey trophies, one Spanish Super Cup, one UEFA Cup, two Fairs Cups, one Cup Winners’ Cup, and two European Super Cups. Additionally, they were runners-up in the Champions League during the 1999/00 and 2000/01 seasons.
Nonetheless, the current reality of Valencia paints a stark contrast to its illustrious past. Los Che currently find themselves languishing in LaLiga’s relegation zone, sitting in nineteenth place and four points adrift of safety. What has transpired over the past few years to see this fifth most successful club in Spanish football history struggling to stay afloat in the top division?
Let us take a step back to 2010—a pivotal year for Spanish football, highlighted by the national team’s World Cup triumph in South Africa, featuring an iconic squad. Under the management of Unai Emery, Valencia finished the 2009/10 season in third place, securing a spot in the following season’s Champions League. However, the club’s financial health told a different story…
The Exits of Villa and Silva
A year prior, Manuel Llorente assumed the role of club president, tasked with navigating the club away from potential insolvency by stabilising finances and chipping away at a staggering debt of 550 million euros.
During the summer of 2010, Valencia was compelled to offload two key players who would later contribute to Spain’s World Cup success. David Villa transferred to Barcelona for 40 million euros, while David Silva joined Manchester City for 30 million euros.
Sportingly, Valencia continued to perform well, with Emery leading the side to third-place finishes for two additional seasons, closely following the dominance of Barcelona and Real Madrid during the height of the Guardiola-Mourinho rivalry.
In the 2011/12 season, Valencia progressed to the semi-finals of the Europa League, only to be eliminated by Atletico Madrid.
Despite their on-pitch achievements, Valencia was forced to continue selling players to alleviate the financial burden, with World Cup-winning midfielder Juan Mata departing for Chelsea in 2011. He was not the only stellar player to leave during this period, as the club also saw the exits of Joaquín (in 2011) and Jordi Alba (in 2012).
Emery’s contract was not extended in 2012, leading to the appointment of Mauricio Pellegrino, who was dismissed midway through the following season. Under Ernesto Valverde, Valencia finished fifth, and a year later, coached by Juan Antonio Pizzi, they ended up in eighth place, although they achieved a semi-final appearance in the Europa League, where they were ousted by Sevilla.
On the institutional front, Llorente resigned in 2013, and Amedeo Salvo took over the presidency after Valencia CF Foundation failed to service the interest on a loan from Bankia. Further departures followed, including key players David Albelda and Roberto Soldado.
The Arrival of Peter Lim
The dire financial situation led to the majority stake in the club being sold to Singaporean billionaire Peter Lim via Meriton Holdings in 2014.
The new owner appointed Nuno Espirito Santo as manager. With a solid squad including Nicolas Otamendi and Shkodran Mustafi in defence, along with Jose Gaya, Dani Parejo, Alvaro Negredo, and Rodrigo, Valencia returned to the Champions League, finishing fourth in Lim’s inaugural season.
In 2015, Amedeo Salvo resigned as president due to tensions with Meriton, making way for Lay Hoon Chan, who remained in charge for two years before returning in 2022.
Between 2015 and 2017, the club faced a dip in performance, finishing twelfth for two consecutive seasons. Lim’s decision to appoint the inexperienced Gary Neville as manager ended poorly, as he lasted just 28 matches. Voro stepped in as caretaker, followed by Pako Ayestaran and then Cesare Prandelli, who resigned upon realising Lim’s lack of commitment to investment.
In the 2017/18 season, with Anil Murthy as president, Mateu Alemany as general manager, and Marcelino as coach, Valencia experienced a resurgence. The team finished fourth for two consecutive seasons, enabling their participation in the Champions League and they clinched a cup title in 2018/19 by defeating Barcelona in the final. This success, however, marked the beginning of a downward spiral.
Sporting Decline
The 2019/20 season saw a disappointing ninth-place finish in the league. The club sold notable talents Ferran Torres and Francis Coquelin and allowed Parejo to move to Villarreal. Frustration among fans towards Peter Lim boiled over, leading to ongoing protests against the board.
Payments to certain players were delayed, and promissory notes were issued instead. Promised reinforcements never materialised, and Lim stopped appearing at Mestalla around this time.
In subsequent seasons, Valencia’s decline continued: thirteenth in 2020/21, ninth in 2021/22 (where they reached the cup final), sixteenth in 2022/23 under Ruben Baraja, and ninth again in 2023/24.
During this tumultuous period, aside from Baraja, the likes of Albert Celades, Javi Gracia, Pepe Bordalas, and Gennaro Gattuso took charge, alongside Voro, who has served as manager seven times under Lim.
Following Baraja’s exit, Carlos Corberan stepped in to guide the club towards safety, while Lay Hoon Chan resumed her role as president in 2022.
Controversial Player Purchases
Upon purchasing the club, Lim made significant promises that have gone unfulfilled. These included pledges to complete the stadium’s construction before the club’s centenary in 2019, to expedite the transaction process, to revitalise the club, and to uphold all financial commitments in the event of default.
However, it’s not merely about unmet promises. Several former directors have levelled accusations against Lim, claiming he profited from player acquisitions.
For instance, Antonio Francisco Sese, alongside partners Jorge Verdaguer and Alberto Talora, filed a lawsuit in 2020 against Lim, Murthy, Lay Hoon Chan, and Jorge Mendes.
The lawsuit alleges that the Singaporean owner and the Portuguese super-agent exploited the club’s finances to generate profit by purchasing players at inflated prices or those with injuries, using intermediary companies, which ultimately led to Valencia’s financial crash.
For instance, the acquisitions of Andre Gomes and Rodrigo from Benfica were made through Meriton Capital, prior to Lim gaining majority ownership. Rodrigo was bought for 30 million euros against a valuation of just 17.3 million euros, while Gomes came at a price of 15 million euros, while his actual worth was only 5.4 million euros. These cases are merely the tip of the iceberg.
According to lawyer Miguel Duran: “Due to the unreasonable agreements imposed by Lim, it is the club that assumes the costs of 30 and 15 million euros for the players, which ultimately harms Valencia CF and benefits Lim and Mendes.”
Meanwhile, protests against Lim have gathered momentum around Mestalla in recent years. Banners proclaiming ‘Lim go home’ have become commonplace, and the club’s institutional situation is seen as untenable.
In a dramatic incident, a couple of Valencia supporters on their honeymoon were arrested in Singapore last October and had their passports confiscated for six days after displaying a ‘Lim go home’ banner outside Lim’s residence.
The Future and the New Stadium
All signs indicate that Peter Lim’s more than ten-year reign at the club is drawing to a close. The club’s debt has been refinanced through Goldman Sachs, and Lim appears willing to sell, seeking 400 million euros in addition to the 700 million euros in debt.
It’s essential to note that in December alone, the club overspent seven million euros amid the changes with Baraja’s dismissal and Corberan’s arrival. However, for a sale to occur, stability remains vital.
The current predicament of the club cannot be understood without addressing the Nou Mestalla. Construction commenced back in 2007 but stalled in 2009 due to mounting debt.
On October 4th, 2023, it was officially announced that Spain, Portugal, and Morocco would co-host the 2030 World Cup. However, on July 19th, 2024, the RFEF declared the eleven Spanish venues, and Valencia—being the third most populous city in the country—was notably absent from the list.
Four days later, the Valencia city council, which had previously approved planning permits to resume construction, granted permission for the club to continue work, contingent on specific terms.
On January 10th of this year, after 16 years of inactivity, the club finally resumed construction on the Nuevo Mestalla.
In parallel, the new RFEF president, Rafael Louzan, has assured that “Valencia is going to host the 2030 World Cup,” despite its omission from the initial selection.
Compiled by SportArena.com.au.
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