Lim saves 24 million

The leaders of the Valencia CF Y Elche CF, as well as the managers of the Valencian Institute of Finance (IVF), entity linked to the Valencian generalitat, they took a joy in these times that run of restlessness; a breather and good savings. The General Court of the European Union (EU) annulled the decision of the European Comission regarding the measures it understood as state aid to said clubs. This means that Valencia is released from having to pay 24 million euros (more interest) and Elche 4.1 (more interest).

The General Court understands that the Commission's decision, which since 2016 required such payments, “suffers from several manifest errors of assessment”, which commends the resources presented by the respective law firms of the clubs and also by the IVF, who has been on his side throughout the process.

“We always trust in European justice and in the annulment of this sanction by the Court, that is why our position was always very clear, it was not fair and we should not pay anything until we heard the sentence,” commented the president of Valencia. , Anil Murthy. For his part, his counterpart from Elche, Joaquín Buitrago, He affirmed that his club “has removed a large slab from above”.

The events denounced by the European Commission occurred between 2009 and 2010. The IVF endorsed the foundations of both entities with two loans for the purchase of club shares, the same operation was made with the Hercules from Alicante (although his case was also dismissed by the General Court a year ago) and even with the Pick up, although his case was never studied. As the European Commission denounced, such guarantees, because there was no guarantee premium for the financial situation of the clubs, were synonymous with “aid” rather than a market operation. But, as the lawyers have shown, the Commission's assessment was erroneous and therefore the requirement for payments is canceled.

To Valencia the favorable sentence alleviates the accounts. The club, which would stay out of Europe if the current classification were validated, had a provident fund for the fine, including five million that Lim promised to pay the VCF Foundation in the sale process and diverted to the fund.