Valencia deny bankruptcy fears

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Valencia have dismissed reports that the club is on the verge of bankruptcy following a worsening of their financial situation.

The 2002 and 2004 Spanish champions are reported to be almost 650million euros in debt and have failed to agree an emergency rescue package with a local bank.

However, the club's general director Javier Gomez has rubbished suggestions of an impending financial meltdown at the Mestalla.

“I want to state the following: in first place, what is utterly false is that the club is in bankruptcy,” he said.

“Secondly, we are working hard to implement a viability plan that will give economic and financial stability to the club and that, obviously, has its difficulties.

“We are working on the economic viability of the club. It's having it's difficulties, as do all businesses. We are working on it and we hope to achieve it.

“To the fans we want to ask them to be calm, because we are working hard to obtain this economic and financial stability and achieve what we all want, which is sporting success.

“We are working with the financial institutions, as is usual.”

Barcelona midfielder Xavi has confirmed that he has agreed a new contract that will see him play out the rest of his career at the Camp Nou.

The 28-year-old Spain international had been linked with a move away from Barca in recent weeks, but he is now poised to pen a deal running until the summer of 2014 with the Catalan giants.

He told El Mundo Deportivo: “The president (Joan Laporta) has given me his word and I have given him mine and, if all goes well, we will sign the contract next week.

“I hope to retire at Barca, but at the time I feel I cannot be useful to the club I will go, because I have had the fortune to play for the club I love.”

Meanwhile, Dutch striker Klaas-Jan Huntelaar is relishing the chance to make his name at Real Madrid, having completed a deal which will see him join the Spanish champions from Ajax in the New Year.

The 25-year-old could eventually cost Real 27million euros, having passed a medical at the Bernabeu despite being troubled by an ankle injury.

He told AS: “It's a dream come true and they've already told me to play at Madrid is the best for a footballer.”