Valletta FC on Tuesday night headed into a new era after the club members approved with a strong majority a motion that would see the capital club being financed by a newly-formed company that will be chaired by former club president Victor Sciriha.
Alexander Fenech will return at the helm of the club as president after he had handed in his resignation last May at the end of the FA Trophy final defeat to Floriana.
Speaking during a well-attended Extraordinary General Meeting, Fenech explained to the club members the new strategy the club was proposing to its members.
Valletta FC will remain as a voluntary organisation, however, a company, named Valletta FC Holdings Ltd, will be formed by a number of investors that will absorb the financial expenditure of the club and at the same time lead the capital side to a stronger and more sustainable financial future.
The motion was put forward by former president Victor Scriha and Fenech and received a strong backing from the members present, with only two votes against and nine abstentions.
At the start of the meeting, it was also announced that vice-president Paul Spiteri, who had been part of the Valletta FC committee for the past 42 years, announced his resignation.
In fact, Spiteri had been working with the capital club since season 1979-80 and during the past weeks he had taken charge of the club in a bid to solve the administrative turmoil that had been created following the sudden departure of president Fenech.
Following the club members’ decision to vote in favour of Sciriha’s motion, Valletta FC are now looking to the future with renewed optimism as the members of the newly-formed company will be seeking to not only keep the club in a good financial position but will also look at ways and means to generate revenue from innovative streams.
Added to that, Valletta FC will now hope for a more stable 2022-23 campaign, with the team now under the charge of Thane Micallef who succeeded Danilo Doncic who was not retained as first-team coach at the end of the season.
The Citizens have so far made several changes to their first-team squad with the club reconfirming only three overseas players from last season, namely goalkeeper Alessandro Guarnone, and defensive duo Eslit Sala and Enmy Pena Beltre.