Singapore

Singapore businessman Peter Lim buys Valencia

Singapore businessman Peter Lim buys Valencia
Peter Lim. TODAY file photo
Fans of Valencian Football Club can finally see an end to months of uncertainty: Peter Lim
Published: 9:06 PM, May 17, 2014

BARCELONA – Singapore businessman Peter Lim is the new owner of debt-ridden Valencia after buying 70.4 per cent of the shares owned by the club’s foundation, the La Liga side said today (May 17).

The Valencia Foundation’s patrons voted for Lim’s proposal ahead of other offers from international consortiums offering large cash injections.

Confirming that Lim has completed the takeover, a club spokesman said that the next task for the new owner will be to agree a deal with creditors Bankia, who are owed €220 million (S$377 million). The club’s total debt is around €360 million.

Lim said in a statement: “I am very glad to have been selected the winning bidder after a rigorous selection process.  Fans of Valencian Football Club can finally see an end to months of uncertainty."

Lim was the choice of club president Amadeo Salvador who felt that his offer was best suited to turning around the fortunes of the club which failed to qualify for next season’s Champions League and were knocked out of the Europa League earlier this month by eventual winners Sevilla in the semi-finals.

Said Lim: "Today’s voting which overwhelmingly supported my bid demonstrates a firm commitment from the stakeholders of the process, namely Bankia, Valencia CF, Foundation of Valencia CF and Instituto Valenciano de Finanzas.

“Under the process, the winner is the bidder with the best sporting, financial and social solutions. I’m pleased that we have won on these three criteria and I'll like to thank the Board of Trustees, the Valencian fans and the city for their strong support over the past few months."

Valencia are 10th in the 20-team La Liga standings. AGENCIES