It looks like Singapore businessman and billionaire Peter Lim will not be acquiring Valencia football club afterall.
Lim’s application to take over the financially stricken football club and erase its EUR306 million ($535 million) debt has been rejected by the club’s creditors Bankia according to a report by the Spanish media on Jan. 24.
This was because he failed to present any documents to show the fulfillment of the 14 due diligence requirements.
Speaking to Channel NewsAsia, a spokesperson for Lim said that no documents were submitted because Lim did not participate in the process relating to an acquisition and financial restructuring of the credits granted by Bankia to both Valencia CF and the club’s owner and shareholder, Valencia CF Foundation.
Lim is also not interested in both the financial aspect of the club and the acquisition of credits.
He is however, interested in the shares held by Valencia CF Foundation and wants to do a global project for the club — something he thinks cannot be implemented unless Valencia’s controlling shareholder and management is involved.
Details of the winning bid has not been revealed.
Photo: chantrybee
Source: Channel NewsAsia
