Even the dog felt low after Athletic Bilbao's performance against Valencia.

Sevilla failed to show up against a desperate Real Valladolid side.  Mallorca could only muster a draw against Real Zaragoza at La Romareda.  Athletic Bilbao knew that a win against Valencia on Thursday would ascend them to within one point of Mallorca for the final Champions League spot.

Sure, Athletic has not won away from the San Mamés since the middle of December, so they were not expected to win at the Mestalla against a Valencia team looking to lock up the final automatic Champions League place.  Coming off an impressive 4-1 dismantling of an in-form Almería on Sunday, however, Joaquín Caparrós and his men seemed to have the confidence necessary to defeat Valencia.

As for Valencia, they went back to the future because of their sheer amount of injuries.  Vicente Rodríguez, David Albelda, Joaquín, and Rubén Baraja all started for Los Che, hearkening back to the days when Valencia regularly competed in the later stages of the Champions League.

The apparent rift between Éver Banega and Unai Emery seemed to be repaired after Banega’s choleric behavior in being substituted against Mallorca on Sunday, but again, Banega’s inclusion in the starting eleven had more to do with the lack of midfield players at Emery’s disposal than any other factor.

With any match against Athletic Bilbao, the opposition should expect a physical affair and have a muted emphasis on quelling Bilbao’s direct style of play.  Fortunately for Valencia, Athletic played with a languid style that did not suit their personnel.

Joaquín Caparrós lamented his team’s lack of energy and intensity in his press conference after the match:

“Today we have not been at the competitive level we can show at home.  We knew it was a very good chance, but things do not go as one wants.  In the locker room, it feels like the season is already over.  We had hopes, but we knew that Valencia does really well in their home matches.  We still feel anger that we did not come out with greater aggression.”

With Athletic ceding most of the possession to Valencia, David Villa, David Silva, and the Valencia attack needed to figure out how to break through the obstinate Athletic defense.  Valencia plays it best football on the counter-attack, and it is no surprise that after Barcelona and Real Madrid, Valencia has the best away record in La Liga.  Through the first half-hour, there was no constant threat on goal from either team.  Joaquín and Rubén Baraja had headers that endangered Gorka Iraizoz’s goal, but Iraizoz handled them with relative ease.

When David Silva scored from a goal-line scramble in the 35th minute, Athletic neither stepped up their game nor fought back with anger, in line with Caparrós’ assessment of his team after the match.

Athletic’s lack of confidence away from home was clearly evident against Valencia, but they missed two key players that would have been vital in raising the spirits of their teammates: Gaizka Toquero and Pablo Orbaiz.

Gaizka Toquero has been the loyal sidekick to Fernando Llorente as the right-sided forward this season, but his contributions have gone well beyond his seven goals scored this season.  A journeyman throughout most of his career in the lower divisions of Spain, the twenty-five year old would appreciate his opportunity to play with a top-level club more than most players, and his never-ending engine only helps to endear himself to his teammates and the Basque faithful.

Toquero wears the number two jersey, a number usually designated for a fullback, but many times, he helps Andoni Iraola on the right side of defense.  Whereas Wayne Rooney sometimes receives criticism for running all over the pitch instead of focusing on his duties up front, fans laud Toquero for his abundance of energy and his willingness to help his defense when necessary.

With Pablo Orbaiz, he provides the steel in front of the defensive live that breaks up the opposition’s play as well as providing that extra slice of intimidation that comes with the Athletic Club brand.  Orbaiz has gone over the line in a couple of instances this season, including receiving a two-match ban for his part in the ugly fracas at the end of the Villarreal match in February and receiving another two-match ban in March for kicking the cajones of David Cortés.

Athletic needed that extra bite in the midfield (the legal bite) against Valencia because of their skill players up front, and Carlos Gurpegui, Javi Martínez, and David López did not supply the girth necessary to bother Valencia.

After the halftime break, the insertion of Fran Yeste and Ander Iturraspe for the lagging David López and Igor Gabilondo brought a sense of vitality into the squad, but when David Silva scored his second goal in the 62nd minute, the fight and tenacity intertwined with Athletic Club players dissipated slowly into oblivion as Valencia cruised to a facile 2-0 victory to fortify their third-place position in La Liga.

This column has covered Athletic Club’s struggles when they have had a chance to threaten fourth-place, but to come up so small with the season reaching its climax is inexcusable for a team so close to qualifying for the Champions League.  A common theme in La Liga this season has been the failure of the second tier teams below Real Madrid and Barcelona to fulfill their potential.  Sevilla, Villarreal, and Atlético Madrid have seen significant dips in form, and while Athletic Club may not have been in that tier to begin the season, they have been consistent in the top ten.

To Bilbao’s advantage, four of their final six matches are at the San Mamés, and with their Dr. Jekyll – Mr. Hyde act, they should consider themselves favorites to garner at least ten out of twelve points from those matches.  A Europa League berth based on league standing would be a good achievement for Athletic Club, but if they can finish in fourth and negotiate the playoff round in the Champions League, any European team would dread traveling to the San Mamés on a European night.

Fueras de Juego

- The golazo of the week must go to Pedro Rodríguez of Barcelona in their 3-0 win over Deportivo La Coruña.  With Barça holding a slim 1-0 lead, Víctor Valdés went long with his goal kick, a rare occurrence for Valdés, because he saw Dani Alves streaking down the middle of the pitch with only one defender back.  Depor goalkeeper Daniel Aranzubia came out of his area to clear the ball away from Alves.  It was not the greatest clearance, but it went as far as the halfway line.  From that point, Pedro kicked a soaring, curling ball first-time nearly from the halfway line into the back of the unguarded net.  In a season full of awe-inspiring moments for Barça, that Pedro goal ranks near the top of the list in terms of pure difficulty and technique.

- Whenever a club from the bottom half of the table needs a signature victory over a top-five team, Sevilla is the most charitable team to give those lower clubs that sense of belonging.  In Round 32, Real Valladolid took advantage of a below-par Sevilla side, and with their 2-0 victory on Wednesday evening, La Pucela climbed to within four points of Málaga and relegation safety.  As much as Quique Sánchez Flores pulls his hair out for Atlético Madrid’s inconsistency, Manolo Jiménez and now Antonio Álvarez cannot understand how their collection of talented players have shut it down for the most part at the end of the season.  Injuries took its toll on Los Nervionenses, but that is no excuse for the dearth of passion late in the season as they try to qualify for the Champions League for the third year running.

- Tenerife and Xerez, the other teams besides Valladolid in the drop zone, also won on Wednesday to increase their chances of staying in the top flight next season.  With Málaga and Real Zaragoza just above them but hardly running away from the relegation fight, a surge to end the campaign is not out of the question for the bottom three teams.

Based on their records coming into this fixture, the Valencia – Atlético Madrid Saturday fixture did not look to be an appetizing match, but knowing each team’s penchant to go forward, their stature in Spanish football, and their performances over the past few years, this game was the one to watch, and they did not disappoint.

From the opening moments, the predictable and customary caginess that occurs in a big match was absent as both teams looked to score immediately.  Sergio Agüero obliged with a 7th minute goal whose build-up was more impressive than the actual finish.  Making a run on the perimeter of the penalty area, Jurado took two defenders with him and audaciously back-heeled a pass to Diego Forlán inside the box.  In plenty of space, Forlán squared a ball to Agüero who finished the attack with aplomb, and it was 0-1 to the visitors.

As is typical with this Atlético squad, a one-goal lead was not safe by any means, and Los Che responded with opportunity after opportunity without any tangible result to show for them.  Atlético almost made Valencia pay for their lack of finishing in the 20th minute when Agüero intercepted a pass from Alexis at the midfield line and stormed toward the Valencia goal.  Outpacing Alexis, Agüero was one on one with Valencia keeper Miguel Angel Moyà, but Agüero took the ball too close to Moyà, and he closed the angle just enough to have his shot roll by the right far post.

In a span of two minutes, Valencia showed why Atlético accumulated only two points from their first four matches.  In the 25th minute, Éver Banega lofted a ball over the Atlético defense onto Pablo Hernández’s run into the penalty area.  Atlético captain Antonio López was able to contest Pablo in the box, but Pablo’s touches bamboozled López, and Pablo was able to get by him and score from three yards out for the 1-1 equalizer.  Two minutes later, Valencia would take the one-goal advantage when David Silva sprung David Villa open with a cutting ball through the heart of the Atlético defense.  Taking a couple of dribbles into the left side of the box, Villa executed a clinical finish that explained why the big European clubs clamor for his services.  As he was about to take the shot, he opened his body as if he were to go for the right far post.  Atlético keeper Roberto, who is deputizing for Sergio Asenjo because of his involvement for the Spanish national team in the U-20 World Cup in Egypt, saw Villa’s body actions and leaned toward that direction.  At the moment of impact, Villa closed his foot, lifted the ball to the near post, and slotted it past Roberto; Roberto thought he did everything correctly, but the brilliance of Villa made Roberto’s efforts seem feckless.  The Atlético Madrid defense was supposed to be improved from last year’s forgettable fifty-seven goal tally, but thirteen goals in five matches does not bode well for an Atlético side looking to keep their Champions League spot for next year.

Throughout the rest of the match, there was always a feeling of inevitability that Valencia would concede as Atlético pressed for the second goal.  With a man advantage for 65+ minutes against Sporting Gijón last Sunday, Valencia had complete control, but a 86th minute goal by Grégory ruined their 100% record and made David Villa publicly criticize manager Unai Emery’s tactics concerning their play when it was 11 vs. 10.  Both teams equally fought for the next goal, with Villa hitting the post from an outrageous jumping back-heel in the 53rd minute and a trio of clear-cut goal-scoring prospects missed by Forlán, Cléber Santana, and Maxi Rodríguez.

In the latter stages of the match, Valencia continued to play a no holds barred style as they looked to salt the game away with a third goal rather than sit on the 2-1 advantage.  While this strategy was commendable for its ambition rather than its cynicism, it left them with holes in the back from time to time, and Atlético capitalized in the second minute of stoppage time when Maxi scored to gain a valuable point and a 2-2 draw.  Antonio López crossed from the left flank, and Alexis’ header failed to clear the ball towards the midfield.  Instead, it flicked on to a wide-open Maxi, who was free on the right post to take the shot first time and beat Moyà.  Valencia left back Jérémy Mathieu, who had a solid game before the second goal, was equally culpable as he fell asleep and gave Maxi the space when the ball arrived at his feet.

Usually the match of the week on paper does not fulfill its promise as such, but Valencia’s 2-2 draw with Atlético Madrid on Saturday night at the Mestalla proved its worth.  With Los Colchoneros in the relegation zone because of earning two points out of the first twelve, Valencia knew to be wary of Atlético not only because of their attacking prowess but also of the wounded animal theory.  In short, an animal is most dangerous when it is hurt because it will fight back with all its might just to survive.  Atlético needed to embrace this attitude and that they certainly did; however, Valencia had the one-goal advantage into stoppage time and looked to win the three points.  Another last stage goal concession by Valencia leaves them seven points behind Real Madrid and Barcelona, and with no signs of either club slowing down, the four points needlessly dropped against Sporting Gijón and Atlético Madrid should prove lethal in Valencia’s attempt to win La Liga for the first time since 2004 and possibly a Champions League spot.

As has been well documented over the past few seasons, Valencia CF have seen better days.  A dismal 10th place finish in 2008 was followed by a respectable, but still disappointing 6th place finish in 2009.  On the field, a love hate relationship with David Villa, spats with Quique Sánchez Flores,  the epic flop of one Ronald Koeman and a resignation by former club president Juan Soler have turned Valencia into a real life telenovela, minus the beautiful Spanish debutantes.

With all of the trials and tribulations Valencia have faced on the pitch, their woes lie in the absolute Mount Everest of debt the club has racked up.  In June 2008 the club was in the hole to the tune of EUR 502 million and was forced to stop construction on the New Mestalla in February, thanks to the bust of real-estate and construction markets in Spain.  The club also fell behind on payments to David Villa and David Silva, Valencia’s biggest stars.  The debt has forced the club to consider selling it’s new stadium for EUR 300 million to help repay it’s creditors.

To avoid administration, Valencia was forced to raise some serious capital, and turned to their loyal fans for support.  According to VCF Chairman Tarsilo Piles, Valencia raised EUR 18 million by selling shares of the club to fans for EUR 48.05 a piece.  Piles said  “The interest of the foundation is to democratize the club so that we do not end up in the same situation as before and also so no one has a large enough piece to control the entire club.”

Valencia’s Assets

The largest assets to a majority of football clubs lie with it’s players and Valencia is no different.  David Villa has been rumored to come with a EUR 60 million price tag, but recent reports say Villa will stay put in Valencia after the club looked absolutly ridiculous this off-season with a footballing version of ‘He Loves Me’  (we want him, we want him not, we wan’t him…).

Reports in May placed David Silva at around EUR 45 million when he was rumored to be heading to Anfield to reunite with former Valencia skipper, Rafa Benitez.  At the same time, reports had Valencia offering a staggering GBP 135 million blockbuster deal to Manchester City for the duo.  Yes, that was to Man City and it could have been for GPB 300 million the way the papers report it, but you get the idea.

The club could also look to offload highly touted Ever Banega, who never materialized at Valencia and was off on loan at Atletico Madrid until the start of this season.  He was out of place his entire stay at the club.   Valencia paid EUR 18 million for Banega back in 2008 and he quickly gained notoriety for his exploits in the homemade porno industry, or as Banega himself titled, Banega, Always Big (I’ll leave the intrepretation to you). Banega was set to go to Stuttgart for GBP 7.5 million, but a rough patch between Unai Emery and VP Fernando Gomez has seemed to derail the train for now.

A New Hope

Reports say Valencia have been approved for a new loan backed by the Generalitat, Valencia’s regional government, from Bancaja for 74 million euros that will be repaid from the proceeds of a further share sale.  With the new influx of money, the club will rely heavily on season ticket holders to come through and renew.  Valencia have always had a strong socio base and last season more than 9,000 renewed their season tickets even before the 2009 season came to a close.

Valencia will also need to cash in on their appearance in the newly formed Europa League.  An impressive finish in the Europa League would leave the club with an influx of cash they can use to repay some of the club’s outstanding debt, and restructure for the future.  Below is the rubric for $$ for the UEFA Europa League in 2009/2010.  If Valencia rack up some wins and move on, they can have a significant amount of money into the club, as well as the increase in gate revenue for the Europa League matches at home and any shared gate during away matches.

UEFA Europa League 2009/2010:
1st qualifying round: 90.000 €
2nd qualifying round: 90.000 €
3rd qualifying round: 90.000 €
Playoffs: 90.000 €
Group stage: 1.000.000 €
Group match victory: 140.000 €
Group match draw: 70.000 €
1st knock out round: 200.000 €
2nd knock out round: 300.000 €
Quarter-finals: 400.000 €
Semi-finals: 700.000 €
Final: 2.000.000 €
Winning the final: 1.000.000 €

What do you think of the club’s future?  Will ticket sales and selling shares keep the club’s head above water, or are they just avoiding the inevitable? Is there anyway else for the club to raise the necessary funds to avoid administration?