The Canadian Press - ONLINE EDITION
Peter Lim completes purchase of Valencia after bank restructures club's debt
VALENCIA, Spain - Singaporean investor Peter Lim has completed his purchase of Valencia football club.
The takeover that was months in the making has been finalized after Spanish bank Bankia and Lim's company, Meriton Holdings Limited, agreed to restructure the debt owed by Valencia to Bankia.
Bankia says the deal will allow the bank to recover the 320 million euros it lent to Valencia.
Lim, 61, made his fortune in real estate. He had reportedly tried to buy Liverpool and AC Milan in the past.
Lim tells the Valencia website, "Valencia's fans can finally be finished with months of uncertainty."
Debt has forced Valencia to sell its best players, including Juan Mata, David Silva and David Villa, in recent seasons.
It finished eighth in the 20-team Spanish league last season.
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