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Football: Singapore's Peter Lim fails in bid to buy Valencia

Singaporean billionaire Peter Lim has failed in his bid to buy Spanish football club Valencia.

SINGAPORE: Singaporean billionaire Peter Lim has failed in his bid to buy Spanish football club Valencia.

The Spanish media on Friday reported that the bid was rejected by the team's creditors Bankia because he did not provide any documentation which fulfilled any of the 14 due diligence requirements.

A spokesman for Mr Lim said: "Peter did not submit any documents because he was not a participant in the process relating to an acquisition and financial restructuring of the credits granted by Bankia to Valencia CF and Valencia CF Foundation."

Valencia CF Foundation is the owner and controlling shareholder of the club.

The spokesman added: "Peter Lim's interest in Valencia is not financial and he has never expressed any interest in the acquisition of credits.

"(His) offer was premised on the acquisition of the shares in Valencia FC held by the Valencia Foundation and aimed at a global project for the club.

"In Peter's view, such a project cannot be implemented without the involvement of the controlling shareholder and the management of the club."

The Singaporean had offered to erase Valencia's 306-million-euro debt with Spanish bank Bankia, complete the building of a new stadium and provide 50 million euros for the purchase of new players.

No announcement has been made on the winning bid.

Bankia had previously stated that it had received multiple offers for the European club.

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