Singapore businessman Peter Lim lines up Valencia takeover

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Singaporean businessman Peter Lim has made a bid to take over financially stricken La Liga side Valencia and wipe out its debts, the club's president Amadeo Salvo announced on Sunday, Dec 22, 2013.

The club's hierarchy has been looking for investors since principal creditor Bankia refused earlier this month to refinance the combined 306 million euro (S$530 million) debt the club and its foundation has with the bank.

Salvo said that Bankia would still to give the green light to Lim's proposal and had asked for more time to study other offers. However, he insisted that given the 60-year-old's willingness to clear the club's debts and invest heavily in the playing squad, Lim's offer would be a difficult one to match.

Valencia fortunes on and off the field have suffered since a financial crisis struck Spain in 2009. The club have been unable to finish work on their new Mestalla stadium and have had to sell a number of their best players.

Lim has set a deadline of Jan 15 for the offer to be accepted so the club can reinforce their squad in the January transfer window with the hope of challenging for the Champions League places come the end of the season.