Singapore Businessman Lim's Takeover Of Valencia Confirmed As Lender Bankia OKs Deal
Singapore businessman Peter Lim's purchase of La Liga side Valencia is "entering its final phase," according to Conrado Valle of AS. A "principle agreement" between Lim's company, Meriton, and lender Bankia was expected to be announced on Tuesday. Lim is expected to acquire a 70% stake in the club from majority shareholder VCF Foundation after "finalizing the conditions of the payment of the club's debt." A "bureaucratic approval process will now begin between the VCF Foundation and the Board of Valencia Shareholders over the share transactions" (AS, 6/3).