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Valletta FC president Alexander Fenech cancels club’s €1.5m debt

Alexander Fenech

Valletta FC president Alexander Fenech announced that he has decided to forgive the Premier League club the €1.5 million they owed him.
In a short note to the club members, Fenech wrote on social media that during a meeting he informed the club committee that he has decided to forfeit the sum of €1.5m the club owed him since 2015 as he doesn’t want that the future of the club will be compromised by the debt they have with him.
“This morning during a committee meeting, I informed my colleagues that I will be forgiving every cent that I have written down on the club’s financial books,” Fenech wrote.
“The money I invested in the club have not only brought the sad situation we find ourselves in but also four league championships, two of which were league and cup double. From 2015 till today (as before I didn’t keep record of anything) I forked out around €1.5 million.
“For me, the club comes only after my family, and for this reason, I don’t want our great club’s future to be in some way compromised by the debt they have with me.
“Come on Valletta FC for ever. I hope whoever comes after us will bring the club to the glories it deserves.”
Fenech’s comments arrive at a very difficult time for Valletta FC as the team is passing through one of their worst seasons in Malta’s top flight.
Last weekend’s 2-0 defeat to relegation rivals Santa Lucia has left the team in a huge danger of losing their Premier League status for the first time in the club’s history.
Valletta FC have not won a league match since February 28 and they are currently third from bottom on 20 points, five behind Premier League safety.
When the Premier League returns in ten days’ time, Valletta FC face a must-win derby against fierce rivals Floriana who are currently topping the standings on 51 points, two clear of champions Ħamrun Spartans.

Source: Times of Malta

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