Channel NewsAsia

Peter Lim to take over Valencia in weeks: Club president

Valencia president Amadeo Salvo Lillo confirms that Singapore billionaire Peter Lim will officially complete the takeover of Spanish side before the end of September.

SINGAPORE: Singapore businessman Peter Lim will officially complete the takeover of Spanish side before the end of September. That is according to Valencia president Amadeo Salvo Lillo who spoke to the media in Singapore on Friday (Aug 15). The acquisition has hit some road bumps due to some discrepencies with Valencia's creditors Bankia.

In June, Bankia announced it had reached an agreement with Mr Lim’s Hong Kong-based investment company Meriton Capital over the restructuring of Valencia’s debt. It was widely thought this was the green light needed by the Singaporean businessman to fully take over the debt-laden football giant.

However, it has since emerged that what the two parties signed was a “term sheet” – a legal document that gives both parties basis for further discussions. The agreement gave Meriton exclusive rights to negotiate – until Friday – for Valencia’s debt.

Valencia President Lillo explained why the process for sealing the deal took so long, saying "The scale is too large. It's one of the largest (deals) in the football world - the top three." He added that Mr Lim is 'brave' to go through the complicated process.

Channel NewsAsia understands a breakthrough was reached on Thursday and all that is left is for paperwork to be sorted. The contract could be signed in a matter of days or weeks. Club officials have declined to reveal the official value of the deal, but if completed, it will be among the top three most expensive football club takeovers.

"Valencia is a great club, Valencia is great opportunity," said Mr Lillo. "We're very happy about the future, with our new mission and Peter Lim's spirit, I'm sure that we will come back again."

Tweet photos, videos and updates on this story to  @channelnewsasia