Insignia Officially Pulls Out Of Talks To Invest In Valletta FC
Luxury lifestyle management company Insignia has formally pulled out of talks to purchase or invest in Valletta FC.
“Following multi-level due diligence by local and foreign experts and after a meeting with the new Committee of the club where they put forward their intended governance model, Insignia decided not to pursue the project further at the current conditions,” a spokesperson for Insignia said.
“We wish the club great sporting success and all the best to the fans.”
Insignia had previously expressed interest in taking over Valletta FC, but the club decided to hand over the reins to 1943 Group, which is spearheaded by former PN MP Claudio Grech.
Grech was also appointed President, after which a meeting was held between the 1943 Group and Insignia to discuss potential investment terms. However, the deal has now fallen through.
Valletta is one of the most successful Maltese football teams but they had a dismal season last year, suffering relegation for the first time in their 81-year history.
They will compete in the Challenge League next season and will hope to bounce straight back up to the Premier League.
Cover photo: Valletta FC
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