Lim & Bankia reach Valencia deal

Peter Lim will soon be the official owner of Valencia after his company, Meriton Holdings, reached an agreement with Bankia.

AS report Bankia finally came to terms with Meriton over the restructuring of Los Che’s debt, which stands at €230m, €90m of which is owed to the Valencia Foundation.

Lim and Bankia settled on a deal yesterday, some three months after the Valencia Foundation first accepted the Singaporean’s offer to buy the club, and shortly before the deadline for an agreement expired.

A sum of €70m has been guaranteed to pay for 70% of shares in the club owned by the Valencia Foundation and Bankia wanted further guarantees totalling €200m.

The two sides compromised on a figure of €140m and the contracts are now being drawn up that will confirm Lim and Meriton as owners of Valencia.

It’s claimed Lim will invest a further €50m in transfer fees, with Enzo Perez to sign from Benfica, and two players, Joao Cancelo and Felipe Augusto, to sign from Rio Ave, the former club of newly-appointed Coach Nuno Espirto.

At least four players are expected to leave by Sunday, the day the squad is to be presented, with sporting director Rufete working on exits for Ever Banega and Helder Postiga, among others.

Tags Bankia Peter Lim