History
The club was established on 5 March 1919 and officially approved on 18 March 1919, with Octavio Augusto Milego Díaz as its first president; incidentally the presidency was decided by a coin toss. The club played its first competitive match away from home on 21 May 1919 against Valencia Gimnástico, and lost the match 1–0.
Valencia CF moved into the Mestalla stadium in 1923, having played its home matches at the Algirós ground since 7 December 1919. The first match at Mestalla pitted the home side against Castellón Castalia and ended a 0–0 draw. In another match the day after, Valencia won against the same opposition 1–0. Valencia CF won the Regional Championship in 1923, and was eligible to play in the domestic Copa del Rey cup competition for the first time in its history.
1940s: Emergence as a giant in Spanish football
The Spanish Civil War halted the progress of the Valencia team until 1941, when it won the Copa del Rey, beating RCD Espanyol in the final. In the 1941–42 season, the club won its first Spanish La Liga championship title, although winning the Copa del Rey was more reputable than the championship at that time. The club maintained its consistency to capture the league title again in the 1943–44 season, as well as the 1946–47 league edition. They would conclude their decade of success by winning the 1949 Copa del Rey, this would mean Valencia would end the decade with a record of three La Liga titles and two Copa del Reys. This would cement their name in Spanish football.
In the 1950s, the club failed to emulate the success of the 1940s, even though it grew as a club. A restructuring of Mestalla resulted in an increase in spectator capacity to 45,000, while the club had a number of Spanish and foreign stars. Players such as Spanish international Antonio Puchades and Dutch forward Faas Wilkes graced the pitch at Mestalla. In the 1952–53 season, the club finished as runners-up in the La Liga, and in the following season, the club won the Copa del Rey, then known as the Copa del Generalísimo.
1960s: European successes in the Fairs Cup
While managing indifferent league form in the early 1960s, the club had its first European success in the form of the Inter-Cities Fairs Cup (the forerunner to the UEFA Cup). In the 1961–62 season, Valencia beat FC Barcelona in the final. The 1962–63 edition of the Inter-Cities Fairs Cup final pitted Valencia against Croatian club Dinamo Zagreb, which the Valencians also won. Valencia was again present in the Inter-Cities Fairs Cup final in the 1963–64 season, but was defeated 2–1 by Real Zaragoza from Spain.
1970s to early 1980s: More Domestic and European glory
Former two-time European Footballer of the Year award winner Alfredo Di Stéfano was hired as coach in 1970, and immediately inspired his new club to their fourth La Liga championship and first since 1947. This secured Valencia its first qualification for the prestigious European Cup, contested by the various European domestic champions. Valencia reached the third round of the 1971–72 competition before losing both legs to Hungarian champions Újpesti Dózsa. In 1972 The club also finished runners up both in La Liga and the domestic cup, losing to Real Madrid and Atletico Madrid, respectively. The most notable players of the 1970s era include Austrian midfielder Kurt Jara, forward Johnny Rep of the Netherlands and Argentinian forward Mario Kempes, who became the La Liga topscorer for two consecutive seasons in 1976–77 and 1977–78. Valencia would go on to win the Copa del Rey again in the 1978–79 season, and also capture the European Cup Winners' Cup the next season, after beating English club Arsenal in the final, with Kempes spearheading Valencia's success in Europe.
Mid to late 1980s: Stagnation and relegation
In 1982, the club appointed Miljan Miljanić as coach. After a disappointing season, Valencia was in 17th place and faced relegation with seven games left to play. Koldo Aguirre replaced Miljanić as coach, and Valencia barely avoided relegation that year, relying on favorable results from other teams to ensure their own survival. In the 1983–84 and 1984–85 seasons, the club was heavily in debt under the presidency of Vicente Tormo. The club finally hit rock bottom when it was relegated at the end of the 1985–86 season, and riven with internal problems such as unpaid player and staff wages, as well as poor morale. The club was relegated for the first time after 55 years in Spanish top-flight football.