Local government 'takes control of majority shareholding of Valencia'

Valencia have reportedly been taken over by the government after failing to pay off their debts.

The Spanish outfit have been struggling financially for some time and reports have claimed that the local government have stepped in to take the majority shareholding of the club.

It is believed that the government are eager to offload the club and will try to meet Valencia's request of keeping it in the hands of the locals, according to insidespanishfootball.com.

Valencia are believed to have accumulated £71.4m worth of debt.