Singapore businessman Peter Lim is the new owner of "debt-ridden" La Liga side Valencia after buying 70.4% of the shares owned by the club's foundation, according to REUTERS. Valencia majority shareholder VCF Foundation's patrons "voted for Lim's proposal ahead of other offers from international consortiums offering large cash injections." A Valencia spokesperson said that the "next task for the new owner will be to agree a deal" with Valencia lender Bankia, which is owed €220M ($300M). Valencia's total debt is around €360M ($493M) (REUTERS, 5/17). FOOTBALL ESPANA reported Lim said that he has the "best sporting and economic solutions to turn around the club." Lim will "now clear the club's debts before beginning plans for the future." Lim: "In terms of this process, the winner was always going to be the person with the best sporting, economic and social solutions. I am very happy that we have won bearing in mind this was the criteria. I would like to thank the Valencia fans and the city for their strong support during these last months" (FOOTBALL ESPANA, 5/18).
LIM REALIZES DREAM: The AFP reported Lim has realized a "long-held dream by buying a top European football club -- and will hope for better fortunes than some of his fellow Asian investors." Lim, a "fishmonger's son who made his wealth by investing in a palm oil company," is an "avid" ManU fan who nonetheless was linked to a "bid for their arch-rivals Liverpool" in '10. Valencia has been "looking for investors since principal creditor Bankia refused to refinance" the debt the club and its foundation have with the bank. Lim has an estimated $2.4B fortune and "owns a string of Manchester United-themed bars in Asia." Valencia fans may be "forgiven for some trepidation, however, with clubs experiencing mixed fortunes after being snapped up by foreign owners." In the "most extreme case, ex-Hong Kong hairdresser-turned-Birmingham City owner Carson Yeung was jailed for six years for money-laundering in March." Similarly, Indian poultry firm Venky's bought League Championship side Blackburn Rovers for £23M in Nov. '10. Amid a "stream of negative headlines, the club followed Birmingham out of the Premier League" in '12. On a "more positive note, Russian billionaire Roman Abramovich has turned Chelsea into one of Europe's top clubs." Man City, owned by Abu Dhabi's Sheikh Mansour, is the Premier League champion and is "estimated as the highest paid sports team worldwide" (AFP, 5/18). SUPERDEPORTE reported last December, Lim "made his first offer to buy the club." Since then, Lim's "activity in the world of football has been frenetic" (SUPERDEPORTE, 5/17).
SALVO SPEAKS OUT: In Valencia, Carlos Bosch reported Valencia President Amadeo Salvo said that "a new stage is beginning for Valencia and now we do not have to sell our players." Salvo "addressed the media to share his vision of the agreement with Lim." Salvo: "I want to congratulate Peter Lim for the bid he made and for being chosen, and also thank the rest of the bidders. Thanks also to Valencia regional government President Alberto Fabra for the meetings we have had and because he always looked for the best for Valencia" (SUPERDEPORTE, 5/18).
