Peter Lim's son Kiat Lim named new president of Valencia football club

Singaporean billionaire Peter Lim's son, Kiat Lim, 31, has been appointed as the new president of Spanish football club Valencia.

The announcement was made on the club's website on Mar. 3.

Valencia's board of directors said that Kiat Lim, who is also known as Lim Wee Kiat, will be replacing outgoing president Chan Lay Hoon on Mar. 4, as he "takes on this new responsibility at a pivotal moment for the organisation".

The statement added: "His appointment demonstrates a strong long-term commitment to the club, and reinforces the club's commitment to ensuring stability and building a solid project for the future."

The younger Lim has been a director at Valencia since 2022.

Chan was president at Valencia for two separate terms.

She said in the statement that she was "pleased to pass the baton to" Kiat.

She added" "This appointment is a strong affirmation of the shareholder’s ongoing commitment to the club and its future."

Kiat is on the board of Thomson Medical, which is listed on the Singapore Exchange (SGX), and he was appointed as executive vice-chairman on Sep. 1, 2022, and is also chairman of RSP, an architectural and engineering design group.

The older Lim's private investment company Meriton Holdings has responded to rumours that Spanish football club Valencia is up for sale.

In a statement on Mar. 3, Meriton said: "Valencia CF is not up for sale and Meriton remains committed to Valencia CF."

What sparked rumours

Rumours of Lim reportedly putting Valencia CF up for sale for 400 million Euros (S$562 million) were published by Spanish media outlet Cadena Cope.

That sum was reportedly for his majority stake in the team.

Lim reportedly secured a 70.4 per cent stake in the club for €100 million (S$173 million) in 2014.

Valencia has also been selling its best players.

The club is currently 18th, in a league of 20, with 24 points.

This means they are currently in the relegation zone.

Top photo via Valencia CF