Q&A from Layhoon Chan's press conference

After Layhoon Chan's opening speech in the press conference regarding the new stadium, she responded to questions from the media.

Sandra Gómez has said that you presented a project without a headquarters without restaurants, without a museum, and that it is worse than the one presented in November.Is this true?

The museum will be there. The restaurants will be there. When the stadium is finished, the museum and the restaurants will be there.

I would like to ask you a lot of questions because it's been a long time since someone from Meriton showed their face and explained what the fans want to know. If you allow me to, I will ask you three questions: Will you be president again? In 2014 you signed a commitment by the largest shareholder to finish the stadium. The money from Peter Lim to finish the stadium, as promised when he bought and signed the purchase agreement has never appeared. Why have you had to turn to an investment fund that is going to cost the club a lot of money every year, and Peter Lim hasn't put up the money? The third is regarding annual losses. You have said that you have invested 250 million euros but have lost more than 200 million due to management of the sporting side. How are you going to manage to pay off the losses of the last year and not lead the club to bankruptcy and enter a process for dissolution?

We are not bankrupt. Valencia CF have always been supported by Meriton. It is inaccurate to say that we are bankrupt. I think the accounts are not very attractive, but I know that Valencia CF are not the only Spanish club with financial problems. The pandemic has had a huge impact on the football industry. The transfer market is still very quiet. This season, we are seeing the impact of the pandemic on the transfer market. But we are going to remain calm because the majority shareholder is committed to the day-to-day running of the club and its future. Otherwise, I wouldn't be here today trying to solve the stadium problem. The stadium is part of the club. Meriton's support is not just for the stadium project, but for the entire club. Regarding the second question, when we acquired the club there were two important conditions: The first is that Meriton undertook to provide an infrastructure for 100 million euros which could be for the stadium, for players... As of today, we have provided 150 million to the club. We have delivered more than we promised. Meriton is committed to completing the stadium with its own or third-party financing. That is why the CVC loan is important. I am now here representing Meriton supporting the new management and getting the new stadium project underway as soon as possible.

Regarding the losses in the financial year that has just ended, yesterday there was a board meeting. Was any decision made on how to undertake the payment, whether by loan or capital increase? Ribó said that you would apologise. do you have something to say about that?

Regarding the losses: We are looking for solutions and obviously we will have to capitalise the loan or make a capital reduction. Regarding what was leaked from the audio, the board made a statement on this. It was unfortunate and we regret the damage it caused the fans, the authorities and the city. We said in that statement that we distance ourselves from those opinions and that is why we are here today. I would like to add that someone leaking something to the press without consent cannot be condoned. Personally, it is not the way we like to teach our children. I'm not looking for excuses, but let's remember that there is someone responsible for this leak and it is not the club that has said what was said.

In the leaked audios, the former president indicated that he would go to court over the issue of the new stadium. If the ATE expires, will you go to court to defend the club's interests? Why is it coming now and not six months ago, or last year, considering that the CVC agreement has been known for a year?

I am here to find solutions, not to go against the authorities. In my meetings in the last two weeks, the same spirit has always been maintained: Finding a solution. Both parties are well aware that the stadium is very important for the club and for the city. What would happen if we don't start building the new stadium? Will it continue like this for 10 years? Today we have all the financing necessary to build the stadium. Why aren't we moving forward? The important thing is that we have sat down and we have talked, and I see it as positive after the meetings we have held. It is very difficult for me to answer the second question because I left the club five years ago. I am here because the majority shareholder has asked me to come here. The club has its management, its Board of Directors, and I am not a person to interfere. I have assured both President Ximo Puig and Joan Ribó that I am going to solve all the problems. I think it is reasonable to find a balanced solution. Valencia CF have never been so prepared to start the project as in these two years.

Could you specify the figure for losses in the previous financial year? Secondly, the IVF dismissed the guarantees provided by the club for 30 million euros. Has the situation changed at all in that regard? Regarding the apologies that the mayor asked for, you have focused on the audios, but I sense that the mayor went further because he will remember that there was a demonstration of 15,000 people before the audios were released. what do you think about that?

The accounts for this season are not closed, but I think it will be around 50 million in losses. On the point of financial guarantees, we have not talked about it in the meetings that I have had in these two weeks. The four points that needed agreement are those that I have already explained. I want to make it clear that the stadium is part of the club. The financial support is for the entire club. Therefore, the financial guarantees should not be questioned. I understand the damage that has been done to the fans, and we regret these events, we do not agree with them and we distance ourselves from them. I firmly reiterate this.

You have not financially explained the changes for the IVF to say yes to financing the stadium, after it was rejected because the guarantees were not sufficient. Can you explain the new guarantees? In the last stadium project presented, the roof covers 75% of the seats. Will the new project cover 100% again? This is a football club, and you always talk about numbers and Lim's commitment, but Valencia CF have been out of Europe for 5 out of 8 years. What is Lim's sports project? Is he interested in selling?

Valencia CF is a football club. Sports results are the main thing for us. I am sorry to have to talk about numbers and to have given so many numbers, but today my appearance here is about the new stadium. However, the most important thing is obviously the sporting results. If the results are good, we could have 70,000 seats. The goals have never changed. The journey is full of challenges, I know. But the team work hard with their coach to be able to compete. Regarding the guarantees, it has not been questioned or addressed in the meetings. What has been addressed are the four points that I have described. If I have to answer I will say that there is no need for these guarantees because we support the club on a daily basis. I do not think that it's necessary. And the club is not for sale. It is very important to continue working to achieve success on the pitch, build the new stadium, and restore our relationship and trust with the fans. The most important thing is not to talk, but to show with actions and results.

What information do they have in Singapore about what has happened here? Why wasn't Anil Murthy removed sooner? Next summer, should fans expect many sales and few signings?

When I left Valencia in 2017, I left the club and I also left as a fan. I am not on the board, and I have no information in that regard. It will be the management that prepares the reports to present to the shareholders. I can't answer that question. It is a mixture of emotions to return to Valencia. I'm glad to be back and to have seen old friends, but I'm also aware that I'm coming back here to solve problems. I will continue working from now on and I am positive. As for the transfer market, right now the market is at a standstill, but we are working hard with the coach because the goal is to build a very competitive team. I think we are able to do something and it will be announced in due course.

How much investment remains for the new stadium? If you are here, it is because they see that something is missing in the management of the club. What plans do you have for general management?

The stadium will cost 120 million. We have 80m from CVC, which is a large part of the funding. With that we can finish 80-90% of the stadium. It is not a problem for us to finance the rest. We will be able to finance it with Caixabank and with the sale of the tertiary land. The reason I'm here is because the situation is not so good. The leaking of the audios has caused serious damage to the community. And also because of impossibility of moving forward with the stadium. That's why I'm here, and I've come back with mixed feelings. We will overcome the challenges step by step, one by one.