President of Valencia football club resigns

VALENCIA, Spain (AP) — Valencia football club president Manuel Llorente says he is resigning.

The 61-year-old Llorente announced Friday that he will be leaving Valencia after four seasons, saying the club "was entering another era."

Llorente's resignation follows the naming of Federico Varona as the head of the club's foundation, its controlling shareholder.

Valencia's major debts have forced the club to sell off its most talented players during recent seasons and have left it with a stadium it cannot sell and a new stadium it can't afford to finish.

The regional government has even been dragged into its financial mess, with a court revoking a loan guarantee made by regional leaders to the club last month.