Valencia CF: Peter Lim becomes the official owner of the club after agreement with Bankia

Peter Lim, a Singaporean businessman, reached an agreement regarding the debt of Valencia CF (Liga BBVA) with the Spanish bank Bankia and officially became the owner of the club, on 14/08/2014. The two parties agreed on a financial guarantee of €140m.

The conditions of the sale of Valencia CF meant that the businessman had until 15/08/2014 to find an agreement with Bankia, the main creditor of the Valencia CF foundation, created in 2010 to turn around the company whose debt is estimated at €230m. Peter Lim initially proposed an unlimited personal guarantee, whilst Bankia asked for €210m worth of tangible assets.

Peter Lim acquired all of the shares of the club held by the Valencia CF foundation (70.4% of the capital), via its holding company Meriton Holding Limited on 15/05/2014. The cost of the purchase is estimated at €100m by the Spanish press.

• Valencia CF will begin the 2014-15 Liga BBVA away against Sevilla FC on 23/08/2014 (21:00 CET).

The Nou Mestalla, whose construction began in 2007, is expected to be completed before 2019

• Perter Lim is committed to resuming…