Peter Lim completes purchase of Valencia football club

Valencia welcome their new owner Peter Lim in their website.

Madrid, Oct 25 (IANS) Singapore businessman Peter Lim has completed the purchase of Spanish BBVA Primera Liga football club Valencia.

The deal was signed late Friday night to end a torturous 10 months of negotiations, which finished with Lim purchasing 70 percent of the club's shares for a price reported to be 94 million euros. reports Xinhua.

The complex deal sees Spanish bank, Bankia agree to re-finance the club's outstanding debt, which is 230 million euros, while the Fundacion VFC, Valencia's majority shareholder, agreed on the sale.

The agreement should mean the end of years of financial problems for Valencia, who have seen the sale of key players, such as David Villa, David Silva, Jeremy Mathieu and Jordi Alba in order to try and balance the books.

It should also mean that Valencia will be able to move to their new stadium in the future. Work on the new Mestalla Stadium was stopped three years ago because of the club's financial problems and the new ground stands unfinished as testimony to financial issues, which should now be over.

Club president Amadeo Salvo was delighted with Lim's takeover and stated, "We are writing a new chapter in Valencia. With Mr Lim, we are going to be stronger. To be successful, we must work hard and stand unite as a family. Peter Lim is now a very important member of our family and we want to say, 'Welcome, Peter Lim!'"

Lim is expected to attend Valencia's home game against struggling neighbours, Elche Saturday night.