Decision on State aid granted by Spain to Valencia CF annulled by the General Court: the Court of Justice dismisses the Commission’s appeal * According to the Court of Justice, the General Court did not impose an excessive burden of proof on the Commission and merely found that the Commission had not fulfilled the requirements which it had imposed on itself by adopting the Guarantee Notice On 5 November 2009, the Instituto Valenciano de Finanzas (IVF), the financial institution of the Generalitat Valenciana (Regional Government of Valencia, Spain), provided the Fundación Valencia, an association linked to Valencia CF, a Spanish professional football club, with a guarantee for a bank loan of €75 million, through which it acquired 70.6% of the shares in Valencia CF. On 10 November 2010,
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