Primera Division

Valencia players given I.O.U letters, but no salary

Instead of receiving their usual wages via bank transfer, the playing squad of Los Che have instead received 'promise notes'

3:56pm on Monday 17th August 2020
Martin Macdonald

There has been further turmoil behind the scenes at Valencia this week after playing staff were given 'promise notes' of money instead of their usual salaries.

Last week, the club's fans laid plans for a protest outside of the stadium after the club sold two key midfielders, Dani Parejo and Francis Coquelin, to rivals Villarreal for nominal fees.

Now, the financials of the club are under even more scrutiny after Las Provincias reported that one of the club's directors, Inma Ibanez, met the Valencia players on Monday to explain that wages would have to be deferred to a later date until the club was in a position to pay.

Instead, the player's were effectively given I.O.Us.

The promise notes have an 'expiration date' of September 2021, another aspect of the situation that has caused an uproar among the players.

This comes after the club's president Anil Murthy released a statement confirming the club's intention to sell ageing players, players with less than two years on their contracts, and players on high wages.

"We must lower salaries, which means selling players with two years or less on their contract and high salaries. Additionally, some are ageing and prone to injury," the statement read.

"We can't keep them and we shouldn't. Second, we must continue to invest in our academy boys and promote them upward.

"We have made significant changes to the Academy and the medical team just two weeks ago."

Javi Garcia is the club's new coach and started training with the team in his first week as they start preparations for the 2020/21 campaign.

As well as Coquelin and Parejo, Ferran Torres was also recently sold to Manchester City for a cut down price.

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