Soriano returns to Valencia with injection of funds

Former Valencia president Vicente Soriano has regained control of the debt-ridden Spanish club at the head of a group of investors who he says are ready to inject €500 million.

Soriano, who stepped down just over a month ago, told a news conference in Valencia this week the group, Inversiones Dalport SA, had purchased 51 per cent of the stock and the cash injection would effectively wipe out the club's debts.

He declined to identify the investors but said the group was backed by a large corporation with a global presence. He also said a planned capital increase would no longer be needed.

"The grand Valencia project was held up by the economic crisis," Soriano said.

"The club had a serious liquidity problem which paralysed its plan for growth," he added.

"The very existence of Valencia was under threat but this is no longer the case."

Soriano's return could allow the club to avoid selling prize assets including striker David Villa, who has been linked with a move to Barcelona.