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Valencia president confirms Peter Lim’s offer to invest and erase all debts to Bankia

by TomConn | Posted on Sunday, December 22nd, 2013

Valencia president, Amadeo Salvo has confirmed that offer from Singapore businessman and investor, Peter Lim to ride the club of their outstanding debt to Spanish bank, Bankia, allowing the club to finish construction on the Nou Mestalla, as well as invest in players.

Salvo

In a press conference held on Sunday afternoon prior to Valencia’s match against Real Madrid, Salvo confirmed the offer from Lim, detailing the months-long process before revealing that the offer had been submitted to Bankia with a deadline of 15th January.

“The initial idea has always been and always will be the refinancing, this was our business model.  We’ve been travelling around China, we were with Wanda to discuss the stadium; in Asia and in Singapore.  On the 2nd November, we met Mr. Lim, we explained to him our project and he was interested.  Valencia has great potential.

“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 €130 million to finish the Nou Mestalla stadium, it’s a very real project and not fictitious.  It’s always been said that, if we needed to sell, it should be for around €200-300 million, which would eliminate our debt. 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.

“Following the statements by Bankia, Mr. Lim called us and came to Valencia to meet with the president of the board and vice president of the Foundation.  Lim agreed to settle the debt and create a competitive team with significant investment.  Given this offer, which is one of two or three biggest deals in the world to purchase a club, we were obligated to present it to Bankia.

“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. He had a meeting with Valencia regional president Fabra.  Bankia came back and asked for more time.  Bankia needed to review other offers that had been presented, but it’s hard to find anyone who can match the offer that Mr. Lim has presented.  Bankia asked for more time, four to six weeks.  But Lim asked that their decision be reached by 15th January, because the winter transfer market closes on the 30th.  When Bankia gives the OK, 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.”

Salvo went on to give a little background into the 60-year-old, who’s estimated net worth is believed to be $1.6 billion.

“Lim is a humble and responsible person, he comes from a poor family and wants to respect the club’s history.”

Lim had been in the running to purchase Liverpool when it was up for sale in 2010, but current owner John Henry’s was slightly better, while Salvo also confirmed that Lim had tried to purchase Valencia under former president Manuel Llorente, but was turned down.

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