Football
ESPN staff 9y

Singapore businessman Peter Lim 'has completed the purchase of Valencia'

Singapore businessman Peter Lim has completed his takeover of Valencia, according to AS.

Lim, who already has a 50 percent stake in English non-league side Salford City, has been trying to take control of the Spanish club for some time but met resistance from Bankia, the club's creditor, who were reportedly concerned about "asset-stripping."

Valencia supporters protested in favour of Lim's takeover during last month's 3-0 La Liga win over Cordoba and according to Teo Chee Hean, the equivalent of the Secretary of State for Singapore, Lim has now "completed the purchase of Valencia CF."

Lim was an influential figure in brokering deals for the likes of Rodrigo, Andre Gomes and Alvaro Negredo this summer as a result of his connections with the third-party investment fund Meriton.

Bankia were reportedly concerned about the possibility it will never get its money back should Lim and Portuguese agent Jorge Mendes use the club solely as a shop window for players owned by their Meriton.

However, it now seems that both parties have now come to an agreement and an official statement is expected to be released shortly, announcing that Bankia and Meriton have reached terms relating to the re-financing of the club's debt, an integral point in concluding the purchase of 70.4 percent of the club's shares.

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