Costa Rican energy and mining magnate Mario Alvarado Orozco announced Monday that he made an offer for this city's financially ailing first division soccer club.
Valencia CF is in debt to the tune of 370 million euros ($479.6 million) and needs another 150 million euros to complete a new 75,000-seat stadium.
"Our intention is firm, with the aim of being able to resolve the club's economic situation and thus give it financial stability for the coming decades," Alvarado Orozco said in a statement.
He said his team spent months preparing the offer "with absolute discretion and professionalism so as not to put the viability of the operation in jeopardy."
The proposal, put together under the direction of committed supporters of the club, would eliminate Valencia CF's money worries, preserve the club's patrimony and "offer an athletic and social project that will mark a new and exciting era" for the team, the statement said.
Alvarado Orozco declined to disclose the amount of the offer pending completion of the negotiations.
Winner of six La Liga championships, Valencia CF is the third of Spain's traditional soccer powerhouses after Real Madrid and FC Barcelona. EFE