Lim fails in Valencia takeover

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.

Tags Peter Lim