Singaporean tycoon Peter Lim has acquired a majority stake in debt-ridden Spanish club Valencia, reports, www.sportspromedia.com/. The billionaire investor, through his Meriton Holdings Limited company, has reportedly spent 100 million to purchase 70.4 per cent of the shares owned by the club's foundation, following a protracted seven-way bidding war over the La Liga side.
Valencia's board 'accepted Peter Lim's proposal following a four-hour meeting at the Valencia Palace Hotel' last weekend, according to Spanish news outlet Marca.
According to reports, Lim has had to take on Valencia's sizeable debts as part of his takeover. The club is reported to owe creditors Bankia more than 220 million, which is due to be repaid on 27th May, while its overall debt is said to total some 360 million.
Club president Aurelio Martinez has revealed that 60 million will be made immediately available for the purchase of new players following Lim's takeover.
"I am very happy that the project has been chosen after such a rigorous selection process," Lim told the club's website. "The Valencia CF supporters can finally see an end to months of uncertainty."
Lim has also pledged to complete the construction of Valencia's new stadium, Nou Mestalla, by 2019. Work on the 61,500-seat venue has been stalled since 2009.
