Bloomberg reports that Valencia had debts of €502 million at June 2008, equal to five times its annual income.
“The people won’t let the club disappear,” said Jose Antonio Alcala, a lorry driver and a Valencia fan who bought 20 shares for €961 euros.
Valencia’s management is now planning a second share sale.
Valencia’s finances have been hit hard during Spain’s worst recession for more than half a century. The club hopes to use the money raised by the share sales to finance a new bank loan backed by the regional government.
