Funds raised from ADU Mediterráneo bid go towards completion of new stadium. Getty Images Spanish top flight soccer outfit Valencia have accepted a US$128 million offer to purchase the land where the club’s stadium is located from local co-operative ADU Mediterráneo in a deal that will restarts the club’s new stadium construction. Valencia’s director general, Mateu Alemany, confirmed that the club had accepted the offer, in a deal brokered by Deloitte, who Valencia partnered with in an attempt to find a buyer. The agreement will facilitate Valencia’s plans to restart building work on their new stadium. “Being realistic with the figures, we predict the stadium will be ready for the 2022-2023 season," Alemany said. Valencia’s plans to build a new stadium have been paralysed for a decade due to a lack of funds and several presidents have tried and failed to reboot the project. Construction on the new stadium, which will replace the current Mestalla, is expected to take between 18 and 22 months once resumed. ADU Mediterráneo fended off three rival bids for the land, and now must wait for enough support from within the co-operative to begin work. Alemany said: “The co-operative is not like a normal promoter, when they have enough co-operatives, that step will be taken, and Valencia will begin the construction of the stadium." No new financial details regarding the construction of the stadium have been disclosed but a figure of €100 million (US$113 million) had been previously reported. “The cost is difficult to estimate before the tender, the architects are already with the execution project in order to speed up the administrative procedures and adjust the deadlines,” added Alemany. Valencia’s debts of over US$100 million to Bankia and Caixa was not viewed as an issue by Alemany who said that the club would continue to “amortize €14 million (US$15.8 million) annually” from the deficit. On the pitch, Valencia sit sixth in La Liga and face fellow Spanish side Villarreal in the quarter-finals of the Europa League this week.
Valencia CF has said building work on its new stadium can restart after it sold land for $128m to the ADU Mediterraneo co-operative. Plans for the new stadium have been delayed for 2022 because of a lack of funds and the new Mestalla is expected to be complete by 10 years. ADU can restart the work as soon as co-operative members show enough support, said Valencia Director General Mateu Alemany.