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MADRID, SPAIN - THE president and main shareholder of troubled Spanish club Valencia, Juan Solar, said on Wednesday he had resigned due to health reasons.
He told a news conference that an undisclosed illness prevented him from dedicating to the job 'the time that Valencia and its project requires.' Valencia vice-president Agustin Morera replaced Solar as the president of the 2002 and 2004 Spanish champions.
The club has not won any titles since Solar became president in October 2004 despite the millions of euros he spent on new players and coaches.
He acknowledged that mistakes had been made but said 'they were never intentional and were only made by thinking what would be good for Valencia at the moment.' Solar said he would, as the club's main shareholder, continue to work to ensure that projects which have already begun, such as work on a new stadium, would become reality.
Valencia were knocked out of the Champions League in the first round and are struggling in ninth in the Spanish league, 26 points behind leaders Real Madrid.
Only teams which end in the top six places in the Spanish league will qualify for European championships.
Coach Quique Sanchez Flores was sacked due to a poor start in the Champions League.
His replacement Ronald Koeman then angered many fans with his decision to sideline Spanish internationals Santi Canizares, Miguel Angel Angulo and David Albelda.
Earlier this month Abelda, a former Valencia captain, lost his legal action to try and overturn Valencia's decision to terminate his contract. -- AFP
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