Peter Lim confirmed as new owner of Valencia CF

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http://www.channelnewsasia.com/news/sport/football-peter-lim/1434712.html

Time to get some!

Singapore billionaire Peter Lim has been confirmed as the new owner of La Liga club Valencia.

After about ten months of negotiations, Bankia, the club's main creditor, has agreed to sell 70 per cent of club shares to Meriton Holdings, Mr Lim's private investment company.

Both parties are expected to sign off on the best way to clear Valencia CF's €320 million debt. Valencia CF is in fourth position in the La Liga table, behind FC Barcelona, Sevilla and Real Madrid.

Meriton Director Chan Lay Hoon said: "We are extremely proud to be given the opportunity to take control of one of the biggest and most-supported clubs in Europe. It has been a very long journey, longer than we would have liked."

The Singapore businessman will also be in attendance for Valencia's home game against Elche at the Mestalla Stadium on Saturday night (Oct 25). He will be hoping to see his new team get back on track in the La Liga after their shock 3-0 defeat to Deportivo La Coruna last weekend.