Singapore billionaire Peter Lim denies media reports he’s putting up Valencia football club for sale
The Spanish football club is facing a battle against relegation this season
SINGAPORE billionaire Peter Lim has denied media reports that he is putting Spanish football club Valencia up for sale.
Meriton Holdings, the billionaire’s vehicle which holds his stake in Valencia, said in a statement on Monday (Mar 3): “Meriton wants to make it clear that such reports are false. Valencia CF is not up for sale and it remains committed to Valencia CF”.
According to a report from radio broadcaster COPE, Lim is seeking 400 million euros (S$562 million) for his majority stake in the team.
When Lim bought the club back in 2014, he was seen as a saviour as the club was in danger of administration. But over the years, hopes dimmed when the club’s finances failed to improve and the money stopped flowing.
Five years in, the avid football fan sacked manager Marcelino Garcia Toral. In the last three seasons, Valencia have been close to relegation, and have been selling some of their best players every summer. Lim has also refused to invest more money in the Nou Mestalla stadium project, leaving it dormant for more than a decade.
While the club has agreed with the city council to restart work on Nou Mestalla, the new buyer will likely have to help fund its completion.
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Talk of Lim putting the club on the market surfaced several months ago. Spanish media reported the club’s dire financial situation, with debts reaching up to 340 million euros at the time, with the albatross of an unfinished project for a new stadium.
According to the Espana Football site, there was interest from an Indonesian party in buying the club two years ago, but Lim showed no interest in a sale.
More recently, media reports said Nasser Al Khelaifi, the president of French club Paris Saint-Germain, is said to be one of the investors interested in the deal. However, the Qatari businessman has yet to make an official offer.
In a separate release on Monday night, Valencia’s board of directors announced that Lim’s son, Kiat Lim, would be the club’s new President as of March 5.
Kiat Lim has been a director of Valencia since 2022. In its release, the club described his appointment as demonstrating a “strong, long-term commitment” to Valencia.
The board also expressed its gratitude to Chan Lay Hoon, who spent two terms as Valencia president.
“I am pleased to pass the baton to Mr Kiat Lim, who is the son of our major shareholder. This appointment is a strong affirmation of the shareholder’s ongoing commitment to the club and its future,” said Chan.
Valencia currently sit third from bottom in the 20-team Spanish La Liga competition, following a 3-3 draw against Osasuna on Sunday (Mar 2). The teams that finish in the bottom three will be relegated to the second division.
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