Watch: Valletta FC in talks with major foreign company to take over the club

Acting Valletta FC president Alexander Fenech announced that he is in talks with a foreign company to take control of the capital club.

The announcement was made by acting club president Fenech during an interview with Valletta FC Fans, an unofficial facebook page of the club, on Wednesday.

Fenech is currently acting in the capacity of acting president after the whole Valletta FC committee resigned en bloc ahead of new committee elections scheduled for June 11.

The decision was taken after Valletta FC’s senior team lost their top-flight status for the first time in their club history and will be playing in the Challenge League next season.

Although Fenech did not mention the name of the foreign company, it is understood that the Citizens are in talks with Insignia, a luxury lifestyle management and financial services company, that had already supported the club during the triumphant season 2013-14 season.

“Last Monday, I met with my friend Claudio Grech who came out with a very good idea that we should move away from the concept that one person finances the club all alone. During the past three years, all the financial weight of the club rested on one person… myself.

“Claudio’s idea is that we bring together a considerable number of people who will sustain the club with little financial grants

“During the past 15 days I held talks with a huge foreign company that has a presence here in Malta who are interested in taking over the club,” Fenech said.

“This company is a familiar figure with the club as they worked with our club in season 2013-14. Last week, we started the process of due diligence. Their intention is to enter the club and take full control.

“They want to make a huge investment which I alone cannot afford. We are taking here millions of euros with the intention of putting the club where it belongs.

“The process is moving in the right direction and I hope that in the coming weeks, I will be able to share some positive news on this takeover.”

Insignia had joined Valletta FC as shirt sponsors in the summer of 2013. Their influence on the club grew as time passed.

In fact, besides their financial input, Insignia was also instrumental in luring Dutch coach Andre Paus, Georgian internationals Nukri Revishvili and Irakli Maisuradze, and Brazilian ace Alan Da Silva Souza to join Valletta in January.

Their addition to the club turned out to be decisive as Valletta went on to complete a memorable league and cup double.

Last January, Fenech had tried to lure the club a British consortium to the club, spearheaded by Steve Vaughan Sr.

However, Vaughan Sr’s entrance at the club, which was due to be made official on January 1, 2024, never materialised as Fenech said that after the Englishman was co-opted in the Valletta FC committee he disappeared.

During the interview, the Valletta FC president also gave an update on the club’s bid to have their own football ground.

Last year, Fenech had announced during the Annual General Meeting that a piece of land was identified in Santa Venera. Asked on whether there were any developments, Fenech said.

“A club of the stature of Valletta FC needs to have its football stadium,” Fenech said.

“A piece of land has been identified but part of it is privately-owned and therefore it has to be bought by SportMalta.

“As far as I am informed the process is moving well so hopefully this project can gather pace in the near future.’