Valencia close to bankruptcy – report

Spanish first division club Valencia is on the verge of bankruptcy, a Spanish sports newspaper said Tuesday.

The club must pay 50 million euros before December 31, and only a loan from the Bancaja bank can save it, Marca said on its Internet site.

The club was not immediately available for comment on the report.

Marca said that tense negotiations are underway between the bank and the club, Spanish champions in 2002 and 2004 and currently in third place in the Primera Liga.

Valencia, whose team includes Euro 2008 stars David Villa and David Silva, is building an ultra-modern 73,000-capacity new stadium which is to be finished for the 2009-2010 season.