Updated 7.15pm with former president Victor Sciriha's announcement.

Valletta FC president Alexander Fenech and his predecessor Victor Sciriha  have confirmed that they will waive substantial sums which the club has owed them for years.

On Wednesday morning, Fenech wrote a short note to club members, saying that he had informed the club committee that he would waive the €1.5m that the club has owed him since 2015.

“This morning during a committee meeting, I informed my colleagues that I will be forgiving every cent that I have written down on the club’s financial books,” Fenech wrote.

“The money I invested in the club has not only brought the sad situation we find ourselves in but also four league championships, two of which were league and cup double. From 2015 till today (as before I didn’t keep a record of anything) I forked out around €1.5 million.”

“For me, the club comes only after my family, and for this reason, I don’t want our great club’s future to be in some way compromised by the debt they have with me. 

Hours later, former club supremo Victor Sciriha told Times of Malta he also intends to cancel the debts the Premier League club has with him.

“My intention was always not to take back the huge sums of money that I  invested in the club while I was president,” Sciriha said.

“If the Valletta FC committee want, we can sit down before a public notary and write this down so that everyone can have peace of mind that what is being said is true.

He did not wish to disclose the sum he is owed, but said it is bigger than what was mentioned by Fenech.

Sciriha piloted Valletta FC through a hugely successful term, but the club is currently in crisis and risking relegation for the first time in its history.

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