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SINGAPORE – Valencia president Anil Murthy has told the Spanish La Liga’s club’s supporters that it needs to be “responsible” as it braces for the “serious” impact of Covid-19 on football.
In an open letter to them on the club’s website, the 47-year-old Singaporean, a former diplomat, sought to explain the realities facing the club on two fronts: the summer market in signing players and plans to build a new stadium.
He also launched a staunch defence of the club’s financial stewardship under Peter Lim, following protests from a section of vocal Los Che fans who have accused the Singaporean billionaire of “negligently managing the club” and “deteriorating the value of the team”.
NEED FOR FINANCIAL PRUDENCE
Murthy highlighted that the club is in better financial shape now than in the recent past – it racked up debts of up to €547 million (S$888 million) in June 2009 – and has been able to start financing the debts from 2017, when previously it had not done so since 2009.
He noted that when Lim became the majority shareholder in 2014, “there was a total of €48 million in player salaries unpaid, and no cash in the bank”.
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