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Billionaire Peter Lim has completed the takeover of debt-ridden La Liga side Valencia, and will now own 70% of the stakes at the club.
After his bid to own English Premier League side Liverpool was rejected, he had recently offered to buy Valencia for an amount estimated to be around $480 million.
According to Eurosport Spain, the stakes were purchased by Lim’s company, the Meriton company who will work towards clearing the club’s massive debt which is said to be almost around 300 million euros.
Lim has reportedly agreed to invest 60 million euros for the next transfer window, and will also promise the finishing of Valencia’s new stadium by 2019.
Son of a fishmonger, Lim is a self-made man, and has a net worth of $2.4 billion according to Forbes (£1.4bn). He is said to be an avid sports fan, having already set up a S$10 million scholarship under the Singapore Olympiad Foundation (SOF) to nurture local sports talents four year ago.
He has also been linked with bids for Scottish club Rangers F.C., English club Middlesbrough F.C and Serie A side A.C. Milan.
