Valladolid took the lead early in the match when Javi Guerra's header from the centre of the box found the top corner.
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Paco Alcacer then almost turned the game on its head with a shot that was well saved in the bottom corner.
Again it was Valencia who went close, as Pabon looked for his second of the game but flashed his shot wide.
However, the second goal of the match went to Valladolid just five minutes into the second half. Gilberto Garcia collected the ball and finished well into the corner.
Daniel Larsson missed a chance to extend their lead further, but Valencia also hit the bar as they pushed for an equaliser. It did come, however, from Sofiane Feghouli's shot with around 16 minutes left.