Soccer club Valencia gets $67M loan to pay players

VALENCIA, Spain (AP) -Cash-strapped soccer club Valencia has secured a $67 million loan to pay its players through the end of the season.

Valencia, which won the Spanish league and UEFA Cup in 2004, received the loan from local business group Fomento Urbano de Castellon.

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 $992 million before the start of the season.

After an impressive start, Valencia has stumbled to sixth in the league, five points adrift of a Champions League spot. Spanish internationals David Villa and David Silva are likely to leave the club in the offseason.