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Valencia president Salva confirms takeover bid from Singaporean Peter Lim

Valencia president Amedao Salva has confirmed Singaporean businessman Peter Lim is on the brink of buying the club.

Salva insists Lim's proposal is the best on the table.

"Refinancing the club has always been and will continue to be the goal. We travelled around China, where we met with Wanda to talk about the stadium, and around the Middle East and Singapore. On 2nd November we met Mr Lim, we told him about the project and he was interested. Valencia has a great deal of potential."

Salvo was keen to talk up the investment magnate: "Lim is football-mad. In November Bankia [the bank which is Valencia's main creditor] took on a more radical stance. [CEO Luis] Cervera and I explained to Bankia how we would guarantee the refinancing process".

The club's future now appears on much surer footing: "A multinational firm has guaranteed €130 million to finish the stadium - this is the real deal, it's not a sham. I've always said that if we had to sell the club, it had to be for €200-300 million, so the debt would be cleared. I made it clear a venture capital fund wasn't the answer and wouldn't work. We needed someone who wasn't fuelled by speculation.

Salvo has held in-depth talks with Lim: "In light of Bankia's comments, Mr Lim called us and came to Valencia to meet the board and the president and vice-president of the Valencia Foundation. Lim pledged to pay off the debt and create a competitive team by making a major investment. With this offer on the table - one of the two or three biggest takeover bids in football - we had to call Bankia".

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