Singapore tycoon buys Valencia
Print Edition
SINGAPORE businessman Peter Lim is the new owner of debt-ridden Valencia after buying 70.4 percent of the shares owned by the club’s foundation, the La Liga side said yesterday.
The Valencia Foundation’s patrons voted for Lim’s proposal ahead of other offers from international consortiums offering large cash injections.
“Peter Lim has completed the takeover,” a club spokesman said, adding that the next task for the new owner will be to agree a deal with creditor Bankia, which is owed 220 million euros (US$301.50 million). The club’s total debt is around 360 million euros.
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 was knocked out of the Europa League earlier this month by eventual winner Sevilla in the semifinals.
Valencia is 10th in the 20-team table.
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