Liga BBVA: Singaporean businessman Peter Lim acquires 70.4% stake in Valencia CF

Singaporean businessman Peter Lim acquired all of the shares of Valencia CF (Liga) held by the Valencia CF Foundation (a 70.4% stake) on 15/05/2014. The purchase was made through his company Meriton Holding Limited. Valencia CF had been created to deal with the club's difficulties in 2010.

The amount of the sale has not been disclosed, but Spanish media estimated it at about €400m on 22/12/2013. Peter Lim's offer was unanimously accepted, even though six redemption proposals had been filed since the club went on sale on 10/12/2013.

Peter Lim will be committed to reaching an agreement with Bankia, Valencia's principal creditor, to pay down the debt of the club, which is estimated at €200m. He is also committed to resuming construction of Nou Mestalla, which had been stopped since 2009 due to a lack of funding. He is to have the stadium delivered before 2019.

Valencia CF finished the 2013-14 season in 8^th place in Liga BBVA with 49 points.

• Valencia CF's net debt to the Spanish banking conglomerate Bankia is €200m.
  • Valencia CF Foundation borrowed €85m from Bankia in 2010 to deal…