The protracted takeover saga surrounding Spanish La Liga side Valencia CF has finally drawn to a close with Singapore billionnaire businessman Peter Lim agreeing a deal to acquire a 70.4% stake in the debt-ridden club.
Lim’s Meriton Holdings company has secured the shares from the Valencia Foundation, with the Foundation’s members having voted for his bid ahead of six other, according to Spanish newspaper Marca. A club spokesman told the Reuters news agency that Lim will now have to agree a deal with creditors Bankia, who are owed €220m ($305.8m). Valencia’s total debt is around €360m.
Lim has long been associated with a potential move to acquire Valencia CF and has previously been linked with takeover bids for English second-tier Championship club, Middlesbrough FC, in July and English Premier League club, Liverpool FC, three years ago.
Through this process, the winning offer is that which has the best sporting, economic and social solutions. I am very happy that we have fit this criteria with the best offer and want to thank the Valencia CF fans and Valencia as a city for their strong support over these past months.
Lim’s takeover comes after Valencia CF unveiled a scaled-back redesign for its long-delayed Nuevo Mestalla stadium project in November, designed by RFA Fenwick Iribarren Architects and Arup Sport. The club’s highly publicised financial difficulties resulted in work ceasing on the 75,000-seat stadium in 2008, two years after it was initially unveiled. Under the terms of the new design, seating capacity will be reduced from 75,000 to 65,000 and the cost of the facility has also been scaled back by €60m to €200m. The stadium was initially due to be completed in 2009-10.