Singapore businessman Peter Lim has completed his takeover of Valencia CF after spending the better part of 2014 attempting to reach an agreement with the club.
Eurosport revealed on Saturday that the deal had been concluded, with beINSport's David Jaca detailing that it's a controlling 70 percent stake the investor has purchased:
BREAKING NEWS: Singapore billionaire Peter Lim is the new owner of Valencia.— Eurosport.com EN (@EurosportCom_EN) May 17, 2014
Valencia CF officially sold to Peter Lim, who takes a 70% stake in the club...— David (@davidjaca) May 17, 2014
It was reported by Spanish newspaper Marca (h/t Goal.com's Ahmad Khan) back in January that Lim had been eliminated from the running to purchase Valencia, who were then filtering through bidders.
Three months later, Spanish newspaper AS (h/t Goal's Bhas Kunju) claimed that Lim had turned his attentions to Serie A, launching a €300 million offer for a 51 percent stake in San Siro giants Milan.
However, club president Silvio Berlusconi is alleged to have only been willing to part with 30 percent of the outfit. Matteo Bonetti of beINSport, a known Milan supporter, was less than supportive of Lim's takeover bid:
Could care less if a billionaire like Peter Lim (who has no emotion or care for Milan) pumped money in the club. Allure would be lost.— Matteo Bonetti (@TheCalcioGuy) April 24, 2014
However, the Singaporean has finally gotten his wish in heading up a major European outfit and will be expected to follow up on his promise of clearing the La Liga club's debts, not to mention helping with the construction of their new ground, per Khan's report.
Forbes state that Lim's net worth currently sits at $2.4 billion (£1.4 billion), and with such significant financial backing behind them, the club may now hope to bounce back from this season's disappointments and once again return to the Spanish hierarchy.
Juan Antonio Pizzi led Los Che to 10th in La Liga, and although a Europa League semi-final did provide a silver lining, Guillem Balague suggests that the change in ownership may swiftly signal change at the Mestalla:
With Peter Lim owning Valencia now, a painful process has finished and club will look for big names. Quique Sanchez Flores to return?— Guillem Balague (@GuillemBalague) May 17, 2014
Lim is a known sports fanatic and was unsuccessful in attempting to purchase Liverpool back in 2010; he also holds links with the motorsport industry.
Those at Valencia can only hope that the businessman's passion for the game lends itself well to his ownership of the club and ensures there are only prosperous times ahead.