Financial plan for further works fell apart – EFE press agency reports. Sources in Bankia, the project’s creditor, say requirements outlined by city authorities haven’t been met.

 In December last year Newcoval company – established by Bankia Habitat and Aedifica group – announced it will finish works at Nou Mestalla within two years.

However Bankia Habitat informed unofficially already a month ago that their partner in the new initiative didn’t fulfill any of the requirements given by Valencia municipality. Sources in Bankia suggest that Valencia CF president Manuel Llorente was informed about the situation today.

Meanwhile, according to EFE the club still hasn’t received the information of work cancellation.

City Council in turn announces that neither mayor Rita Barbera, nor Jorge Bellver of the Urbanism Department know of the possible termination of the contract. The same sources within Valencia municipality confirm however that all parties made “significant efforts” to save the situation, with no result.

Newcoval is the entity responsible for fulfilling requirements set in contracts. This company bought both Estadio Mestalla (worth €250 million) and Valencia’s Paterna training centre (further €25 million) to enable the club to pay its massive debt that generates €15 million interest per year.

New stadium, the skeleton of which is already standing, is to be opened in the business district, along Cortes Valencianas Ave. Works started 5 years ago, but were brought to a stop in 2009 as Valencia was near bankruptcy. So far the club invested €150 million in the project, but it is estimated finishing would require a similar amount.