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Football: S'porean Peter Lim completes purchase of Valencia

Singaporean businessman Peter Lim has completed the purchase of Valencia after Spanish bank Bankia and Lim's company, Meriton Holdings, agreed to restructure the debt owed by Valencia to Bankia.

SINGAPORE: Singaporean businessman Peter Lim has completed the purchase of Valencia after Spanish bank Bankia and Lim's company, Meriton Holdings, agreed to restructure the debt owed by Valencia to Bankia.

Bankia said the deal will allow the bank to recover the 320 million euros Valencia had borrowed.

Lim said: "Valencia's fans can finally be finished with months of uncertainty."

A Meriton company spokesman said: ”We are glad to have arrived at an agreement with Bankia. This is indeed a significant milestone -- this agreement will set us on a path to provide the club with long-term financial stability on a sustainable basis.

"We will be able to implement our strategic plan and the club will soon be able to compete at the highest levels of European competition.

He said the company will continue to work closely with all the stakeholders to complete the acquisition expeditiously and before the start of the new season.

"The process remains a complex one but we are confident that we will be able to finalise the in-depth legal details with the cooperation of all parties involved," he added. 

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