S'porean billionaire sets Jan deadline for La Liga club to accept offer

S'porean billionaire sets Jan deadline for La Liga club to accept offer
SAVIOUR: Valencia president Amadeo Salvo believes that Peter Lim (left) can solve all of the club's problems.

Jan 15.

That is the deadline Singaporean businessman Peter Lim has given Valencia for his takeover proposal to be accepted "because he wants to reinforce the team in the winter market".

Valencia president Amadeo Salvo announced on Sunday before the game against Real Madrid that Lim, 60, has tabled a bid to take over the debt-ridden La Liga side and wipe out their debts.

When contacted on Monday, a spokesman for Lim declined comment.

The club's hierarchy has been looking for investors since principal creditor Bankia put the club up for sale earlier this month after refusing to refinance the combined debt of 306 million euros ($530m) the club and their foundation have with the bank.

Salvo said that Bankia had still to give the green light to Lim's proposal and had asked for more time to study other offers.

However, he insisted that given the Singaporean's willingness to clear the club's debts and invest a reported 40m euros in new players, Lim's proposal would be a difficult offer to match.

Reports suggested that Lim got in touch with Valencia through super agent Jorge Mendes, who manages Real Madrid superstar Cristiano Ronaldo.

Salvo did not confirm the actual amount of Lim's bid but reiterated they "would not sell Valencia for less than 250m euros".

According to those who have been taking part in the negotiations, Lim's initial investment will be 400m euros, with which he will buy shares, pay off Bankia, finish building the stadium and invest in the team.

"Mr Lim came to Valencia to meet us, as well as the president and a vice-president of Valencia Foundation," said Salvo.

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