Valencia's total debt reaches €592.8 million

Spanish club Valencia's total financial debt has risen to €592.8 million.

Operativ Media reports, citing Spanish sports newspaper AS based on the club's annual financial report.

The increase in debt was driven by the resumption of construction work on the Nou Mestalla stadium. Long-term obligations account for 93 percent of the total, amounting to €551.84 million. This figure includes approximately €42 million in loans linked to businessman Peter Lim.

A proposal to convert that €42 million into club shares will be discussed at the general meeting of shareholders on December 9.

Valencia finished the previous financial year with a net profit of €320,000.

The team currently ranks 19th in La Liga with 9 points after 12 matches. "The Bats" will play their next match on November 10 against Tavernes in the Copa del Rey.