Former Telefonica boss takes control of Valencia

The former president of Spanish telecoms giant Telefonica, Juan Villalonga, has reached a deal to take control of first division side Valencia, the club said Wednesday.

“Valencia FC has reached an agreement today with the businessman Juan Villalonga under which he will take charge of the management of Valencia FC,” the club said in a statement on its web site.

“The aim is to change Valencia to a team that wins titles and further expand the Valencia brand in the sporting, cultural and economic fields,” the club said.

The club was confirming a report in the top-selling daily newspaper El Pais, which reported that Valencia's president, Juan Soler, will keep his majority stake of 37 percent but cede his voting rights and the management of the club to Villalonga.

Villalonga will have the option to buy Soler's stake in the club, the winners of the Spanish league in 2002 and 2004, in three or four years, the newspaper added.