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The huge financial worries which have long dogged Valencia finally led to them bowing to the inevitable pressure and selling star players such as David Villa and David Silva, to Barcelona and big-spending Manchester City, respectively.

The chances of replicating last season’s third-place finish in La Liga – the “best of the rest” behind the big two of Barcelona and Real Madrid – have receded as a result. But so have their multi-million euro debts, which have threatened the club’s very existence in recent seasons.

They are in the UEFA Champions League’s lucrative group stages, however, thanks to that third place. And young manager Unai Emery, starting his third season at Valencia’s world-famous “Mestalla” ground, still has a strong squad with which to mount a challenge both at home and abroad this season, despite the loss of 60 million euros worth of talent, as witnessed by their early leadership of the 2010/11 La Liga.

Valencia Club de Fútbol is one of the most successful clubs in the Spanish La Liga. Though the club has won many domestic and European honours, it has been often overshadowed by the achievements of its more high profile rivals Real Madrid and Barcelona. The club has won six La Liga titles, seven Copa del Rey, three UEFA Cups, two UEFA Super Cups and one UEFA Cup Winners' Cup in its history.

Valencia CF was formed in 1919 by a group of men, who got the idea sitting in a bar. The first president of the club was elected by a toss of coin, which fell right for Octavio Augusto Milego Díaz. The club started on a very small scale, but in just four years became the regional champions, thereby gaining entry to the Copa del Rey in 1923.

The club played in the second division for three seasons, before gaining promotion to the first division in 1931. However Spanish Civil War soon followed and with the military intervening in football, a number of players left the club to ply their trade elsewhere. Valencia's first major trophy came in 1941 when it won the Generalíssimo Cup, defeating Espanyol in the final. The club won three league titles and three Generalíssimo Cups in 10 years.

The next two decades brought little success to the club, with Valencia winning just two cups during the period, in 1954 and 1967 although the club performed consistently in the league regularly featuring in the top half of the table. In 1962 Valencia won its first European tournament, defeating FC Barcelona 7-3 on aggregate. The club successfully defended its title the next season, defeating Dynamo Zagreb in the final. Though Valencia managed to reach the third final in a row, it failed to complete a hat trick of titles, losing to Zaragoza 2-1.

Valencia won the Copa del Rey in 1967, defeating Atlético Bilbao 2-1. In 1970, Alfredo Di Stéfano was appointed as the new coach of Valencia and the former Argentine player guided the club to its fourth La Liga live title in his debut season at the club. The club also finished runners-up in three successive cup finals in 1970, 1971 and 1973.

The promising start to the 1970s gave way to some inconsistent performances, and though the club won another Copa del Rey in 1979 and the European Cup Winners' Cup in 1980, defeating Arsenal on penalties, a series of poor performances in the league and mounting debt saw it get relegated to the second division in the 1985-86 season. However the relegation proved to be a blessing in disguise for the club as the number of members increased and the club was promoted to the first division as champions, spending just one season in the second division.

A period of managerial instability followed with Víctor Espárrago, Guus Hiddink and Héctor Núñez all having turns in the hot seat. An internal scandal and poor performances in the field forced President Arturo Tuzon to resign from his position and Francisco Roig was elected to take over his job in 1994. Within hours of winning the election, Roig sacked Nunez and re-appointed Hiddink in his place but not two months later, Brazilian national coach, Carlos Alberto Parreira was appointed as the new manager in place of Hiddink. A further managerial merry-go-round followed with several managers all trying but failing to bring success. Finally, Claudio Ranieri started his first full season as Valencia manager by qualifying the club to the UEFA Cup through the Intertoto competition. He also brought the first major trophy at the club in over two decades by winning the Copa del Rey by defeating Atlético Madrid 3-0 in the final.

However Ranieri bed-hopped to rivals Atlético Madrid the next season and Valencia brought in Héctor Cúper as the new manager. The club had a decent run in the league, finishing in third position. On the European front, Valencia managed to enter its first ever UEFA Champions League final but lost out to rivals Real Madrid.

Valencia's good form in the Champions League continued the next season as the club once again reached the final. W

hen Gaizka Mendieta scored the opening goal against Bayern Munich in Milan, fans were hopeful that the club would finally lift the trophy.

However this was not to be as Stefan Effenberg equalized with a penalty and Valencia had to suffer a heart break in the penalty shootout due to heroic goalkeeping by Oliver Kahn. Having concentrated on the Champions League, Valencia's inconsistent form in the final few games of the league meant that the club finished 5th.

Following the departure of Cuper to Inter Milan, Rafa Benitez was appointed as the new coach of the team. Benitez managed to bring home the Spanish La Liga title for the first time after 31 years and after a blip the next season, once again lifted the title in 2004.

Benitez left the club to join Liverpool and after a short second stint by Ranieri, Quique Sanchez Flores was appointed as the new coach in February 2005. In his first full season as the manager, Flores took the team to third position in the league.

A fourth place finish in 2007 was followed by a dismal 10^th in 2008, with relegation a possibility before strong finish. Flores was sacked during the season and famous Dutchman Ronald Koeman was unable to reverse the decline.

Under Emery, however, Valencia have finished sixth and third, in spite of the club’s treacherous finances, which have now seen star names sold and work on their new Mestalla, into which they were due to move last season, suspended. Their fate this season will be of immense interest to viewers domestic and foreign. And you can follow their every La Liga move with us on Live Sports Network.

Live Valencia matches can be accessed via our dedicated member’s area. Online footie streaming is only a click away. You can watch Valencia live in Europe and in La Liga right here on Live Sports Network. Don’t miss a minute of the action - join today and see Valencia live.