S'porean billionaire Peter Lim reportedly putting Valencia on sale for S$562 million: Spanish media

Update, Mar. 3, 6:20pm: Peter Lim's private investment company Meriton Holdings has responded to the rumours. It said: "Meriton Holdings refers to the recent media articles regarding Valencia CF being up for sale. Meriton wants to make it clear that such reports are false. Valencia CF is not up for sale and Meriton remains committed to Valencia CF."

Singaporean billionaire Peter Lim is reportedly putting the Spanish football club Valencia CF up for sale for €400 million (S$562 million), according to Spanish media outlet Cadena Cope.

That sum will be 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.

He was hailed as a saviour then as the club was in serious financial difficulties.

But the club's financial situation is reportedly still in a dire situation, according to Spanish media.

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.

The Nou Mestalla stadium project has been left dormant for about one-and-a-half decades.

According to media reports from a few months ago, the club has chalked up debts of up to €340 million (S$477 million) with an unfinished stadium.

Rumours of finding a buyer surfaced at around that time in the Spanish media.

There was apparently interest from an Indonesian buyer two years ago, according to Espana Football, but Lim was not keen to sell.

The latest talk is that Nasser Al Khelaifi, the president of French side PSG, is said to be interested.

A decade of ownership

The possible sale comes after over a decade of ownership.

Fans' optimism turned to frustration over the years.

The sacking of manager Marcelino Garcia Toral in 2019, despite the team having won the Copa del Rey and finishing fourth in La Liga that season, was followed by more discontent over the club's management.

According to Spanish media, the club has seen its value plummet, with considerable debts mounting, compounded by subpar performances.

Protests against Lim’s ownership have intensified, with fans displaying signs and flags bearing the message "Lim Go Home" during matches.

Two fans, who were in Singapore, even displayed similar flags outside Lim's condominium, which contravened local laws.

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Top photo from Valencia CF website and Wikipedia