Peter Lim will not be the new owner of Valencia after failing to meet Bankia’s requirements to move to the next stage of the process.
Marca reports that Bankia received a number of approaches to take ownership of Los Che and while Lim’s was received before the December deadline, the Singaporean businessman did not fulfil the 14-point criteria laid down by financial group KPMG, who are working with Bankia over the sale.
Lim had promised to spend €40m on new signings for the club as part of his takeover package, with Lim to pay €90m to purchase the shares of the club and a further €120m to clear Valencia’s debt.
But Bankia are now moving forward with the offers that have met KPMG’s criteria and are said to have a number of potential new owners.
