A ruling by European Court of Justice, made public this Thursday, has upheld Valencia CF's appeal against the July 4th, 2016, decision by the European Commission, which had declared financial guarantees provided by the Instituto Valenciano de Finanzas illegal and incompatible with European laws for public aid.

Valencia CF had always maintained, in the strongest defense of the club's interests, that these guarantees were granted under market conditions. Over a lengthy judicial process, Valencia CF had been able to avoid the payment of such an elevated amount by obtaining successive precautionary measures to suspend its execution, using all possible methods of defence.

Valencia CF wish to express the club's satisfaction with the ruling, which fully supports their position, and wish to publicly thank the Valencian Government, especially its president, Ximo Puig, the IVF -through Manuel Illueca- for the collaboration maintained with the club throughout this long judicial process. The club also thank the Solicitor General of Spain for their support, as at all times they believed that the amounts demanded were unjustified.

Speaking after the ruling, Valencia CF President Anil Murthy welcomed a decision that supports the club's arguments, saying that: “We always trusted in European justice and in the annulment of this sanction by the court, so our position was always very clear: It was not fair and we should not have had to pay anything until the ruling was made."