Valencia, unable to pay players' wages, offer promissory notes
Due to a lack of liquidity, Valencia cannot pay players their wages for the second half of the 2019/2020 season and have offered them promissory notes.
Valencia's financial situation is on the verge of collapse. After a season in which the team failed to qualify for Europe despite having the most expensive squad in club history, the the club has been severely hit by the coronavirus crisis which has left them without cash reserves.
The situation is so bad that Valencia do not have the liquidity to pay players part of their salaries for the 2019/2020 season. Directors have offered to issue the players with promissory notes - a form of IOU note which guarantees to pay what they are owed for the remainder of last season although the maturity date - when the club must pay what they owe employees, is not until September 2021.
Players told there is no cash to pay them
Valencia's income has been virtually nonexistent since the start of the Covid-19 crisis - to the extent where the directors of the club's finances Inma Ibáñez made a personal visit to inform the players that it is not possible to pay their wages as from today.
The situation was made revealed a few days ago in an open letter from Anil Murthy to the club's fans in which he transmitted a message from Peter Lim which read: "A bankrupt club is not a better club". Two players - Gayà and Rodrigo held a meeting today with Javi Gracia in which the coach asked the players to try and keep sporting matters apart from the club's economic problems but told them that he would have no problems in standing up on behalf of them if necessary.