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Singaporean Billionaire Peter Lim Completes La Liga Valencia Takeover For $127M

The sale of La Liga side Valencia "has been finalized," according to Conrado Valle of AS. The "necessary paperwork was signed simultaneously in Madrid and Valencia" on Friday, sealing a "new era for the club, which has never since its foundation in 1919 been controlled by foreign ownership." Singaporean Peter Lim, after 10 months of negotiations, "thus becomes Valencia's new owner," with 70% of the club's shares under his control. Lim's company, Meriton Holding, and Valencia lender Bankia signed an agreement to "refinance the club's debt with the nationalized lender," which stands at €320M ($406M). At the same time, VCF Foundation, the club's previous majority shareholder, and Lim's Meriton "rubber-stamped" the sale of a 70.4% stake in the club for the sum of €100M ($127M), with an initial payment of €22M ($28M). It is "anticipated that as a result of Lim's takeover, the club's long-delayed move to the Nuevo Mestalla will take place in time" for the '18-19 season (AS, 10/24). REUTERS' Iain Rogers reported Lim associate Chan Lay Hoon said, "It has been a very long journey, longer than we would have liked. We have spent close to a year on this project. We have come to appreciate the rich history and culture of both the club and the city. ... This is because after today, the city of Valencia will be our second home" (REUTERS, 10/25).

SALVO INVITED TO STAY: SUPERDEPORTE reported Valencia President Amadeo Salvo explained that "he will consider Lim's proposal to stay with the club." Salvo said that "the principal obstacle is the future plans for his own family business." He said, "Mr. Lim has invited me to stay with the project but there is a topic that I cannot eliminate from my life and I it is that I have a business that myself and my family founded and we have to prepare for the entrance of a new generation for it. We will discuss it in the upcoming days because it is giving my life a radical change." Salvo said that "if he chooses what is best for his family and decides to leave the club, Valencia has very good people." Lay Hoon "admitted that Lim wants Salvo to have 'an important role.'" She said, "I speak with him every day, trying to convince him that he has a very important role in this project" (SUPERDEPORTE, 10/25).

TIMELINE: SUPERDEPORTE compiled a timeline of the process of the sale, which dates back to '09. Below is an excerpt of key dates:

Aug. 24, 2009: VCF Foundation requests a loan of €75M from Bankia, later asking for additional quantities to push the sum to more than €80M.

April 29, 2013: Aurelio Martínez named president of VCF Foundation.

June 4, 2013: Salvo replaces Vicente Andreu as president of Valencia.

Dec. 10, 2013: Salvo confirms in shareholder meeting that if a buyer wants the club, they will have to be willing to form a great team, resolve the debt and complete the new stadium.

Dec. 22, 2013: Salvo informs that Lim's Meriton Holding will buy the club by Jan. 15, 2014 after conversations between all parties involved.

Jan. 28: Valencia creates managing committee to study offers arriving to buy Valencia.

May 17: VCF Foundation unanimously accepts Meriton's offer out of four that were on the table. The agreement opened negotiations between Lim and Bankia regarding the club's debt.

June 6: Valencia announces agreement between Bankia and Lim to restructure the debt, with Bankia to recover the €320M debt.

Sept. 18: Lim's representatives abandon negotiations with Bankia and return to Singapore, although Bankia and Valencia both express confidence in reaching an agreement. Bankia explains the reasons for the disagreement: the limit of the club's debt, including the hypothetical future sale of a new stadium.

Oct. 24: After several days "in which the close of the sale appeared imminent," Lim and the VCF Foundation sign the sale agreement. Lim becomes the owner of the club (SUPERDEPORTE, 10/25).

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