Valletta FC may have something of a silver lining to what is shaping up to be a torrid season after club president Alexander Fenech reportedly wrote off around €1.5 million in debts accrued to him since 2015.

Mr Fenech is CEO of Browns Pharmacy, the largest chain of retail pharmacies in Malta, and has in recent years taken on a more active role in start-up investing on the TV show Shark Tank Malta.

Writing in a Facebook group dedicated to Valletta FC, Mr Fenech explained that he has informed the club’s committee that he will be forgiving “every cent” owed to him by the Maltese capital’s football club.

While noting that he is the first Valletta FC president to be making such a move, he also reminded supporters that his money contributed to various successes since 2015, when records of the debts began. Before that, he gave money on a donation basis.

Over the last nine years, Valletta FC have won two championships – two of them being ‘double’ seasons, indicating another trophy win apart from the BOV Premier League.

“For me, after family comes our club. For this reason, I do not want that the future of this grand club is in any way compromised by the debts it owes me.”

Mr Fenech, club president since 2021, signed off: “Valletta FC forever. God willing, who comes after us brings with them the glory that this club deserves.”

Valletta FC currently sit in 12th place, from 14. With four teams set to be relegated this season, one of Malta’s most successful and most popular football teams is on track to drop to the second tier of Maltese football.