Valencia

Valencia ready for Singapore takeover?

By Michael Penkman, Reporter | 22 December 2013

Amadeo Salvo reveals that the club have been made an offer by Singapore businessman Peter Lim that will "solve all of Valencia's problems".

Valencia president Amadeo Salvo has confirmed an offer from Singapore investor Peter Lim that will wipe out the club's debts and allow them to finish construction on the Nou Mestalla.

Salvo has also revealed that there will be enough money to reinvest in the squad after Lim clears Los Che's debt with Spanish bank Bankia.

"We've been travelling around China, we were with Wanda to discuss the stadium, in Asia and in Singapore," Inside Spanish Football quotes him as saying. "On the November 2, we met Mr. Lim, we explained to him our project and he was interested. Lim is very passionate about football. In November, we opened advanced discussions about the future of Valencia. Upon our arrival back in Valencia, we came to the understanding that it would be difficult to refinance with Bankia.

"There is a multinational company that can guarantee €130m (£108m) to finish the Nou Mestalla stadium, it's a very real project and not fictitious. I've always stated that this is wrong and it wouldn't work with a venture capital fund. We needed someone objective and not speculation. Bankia were impressed by Lim's extraordinary offer, but were required to submit it to their board of directors.

"Mr. Lim has been upfront in every aspect of these negotiations; the club, Foundation, Bankia and the Valencian government. When Bankia gives the okay [signal], Lim will come to Valencia to explain his project. Mr. Lim wants to strengthen the team in January. He wants Valencia to play in the Champions League. This will be one of the biggest transactions in world football. It's a historic opportunity; it will solve all of Valencia's problems."

Valencia are 11th in La Liga.