NEWS
Sunday December 22 2013
Lim nearing Valencia buyout

Valencia President Amadeo Salvo has confirmed that Singaporean businessman Peter Lim is interested in buying the club.

According to Forbes, 60-year-old Lim is worth $2.05billion thanks to business dealings and investments.

And Los Che chief Salvo has revealed that Lim is keen on buying the Mestalla side outright and clearing all their debts to Bankia.

“Peter Lim's offer is amazing,” he told reporters. “The club has to sell for a price between 200 and 250 million euros.

“The new investor has to eliminate the debt we have with the bank, invest in players, promise to finish the new stadium and to let the club be run by the people of Valencia.

“Lim's offer meets all these requirements.

“Lim is football-mad. In November Bankia [the bank which is Valencia's main creditor] took on a more radical stance. [CEO Luis] Cervera and I explained to Bankia how we would guarantee the refinancing process.

“A multinational firm has guaranteed €130 million to finish the stadium – this is the real deal, it's not a sham. I've always said that if we had to sell the club, it had to be for €200-300 million, so the debt would be cleared.

“I made it clear a venture capital fund wasn't the answer and wouldn't work. We needed someone who wasn't fuelled by speculation.

“In light of Bankia's comments, Mr Lim called us and came to Valencia to meet the board and the president and vice-president of the Valencia Foundation.

“Lim pledged to pay off the debt and create a competitive team by making a major investment. With this offer on the table – one of the two or three biggest takeover bids in football – we had to call Bankia."

Bankia now has until January 15 to approve the takeover, as this will give the club enough time to bring in reinforcements before the transfer window closes on January 30.

Football Italia website