With the recent financial situation it’s found itself in within the last couple of months and being told initially it needed to find 75 Million Euros by June, Spanish side Valencia took the first step in getting the club back on track and paying player salaries after agreeing to a 50 Million Euro loan ($67 Million) from local business group Fomento Urbano de Castellon.

Via FoxSports 

Valencia president Vicente Soriano said there was no other choice to keep the club afloat.

“Last June, we didn’t think it was necessary and that there were other possibilities worth exploring,” Soriano said. “No other viable way going forward presented itself.”

Valencia managing director Javier Gomez met with the players on Friday to explain the deal.

Valencia failed to pay its players in February when construction of a new stadium was also halted due to the club’s deficits, which were listed at € 739 million ($992 million) before the start of the season.

Via Farm