Singapore billionaire Peter Lim takes over CF Valencia
Sunday, May 18, 2014 @ 9:49 PM
Reports are just in that Mériton, owned by Singapore billionaire Peter Lim, has bought 70.4% of the shares in CF Valencia for 100 million euros, making it the new owner of the debt-ridden Liga side.
The Valencia Foundation's patrons voted unanimously for Mériton's proposal ahead of other offers from international consortiums offering large cash injections. Today's deal includes a commitment by Lim to invest a further 300 millions euros in the club, 60 million of which will be made available immediately to strengthen the squad ahead of next season.
The successful Mériton bid also includes a commitment to have the new stadium finished by the club's centenary in March 2019.
Lim is a publicity-shy businessman and investor. In July 2010, Forbes magazine rated him eighth amongst Singapore's 40 richest people with an estimated net worth of $1.6 billion. In March 2010, he was tied for #655 amongst the world's billionaires, with an estimated net worth of $1.5 billion.
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