Singaporean billionaire is Valencia's new owner

Spanish club Valencia has confirmed that Singaporean entrepreneur Peter Lim is their new owner.

Lim, the owner of Meriton Holdings Ltd, was announced as the majority shareholder following a Valencia CF Foundation board of management meeting between trustees yesterday.

The proposal was unanimously backed by all the club's 22 board members.

Lim, who outbid four other contenders, including China's richest man property tycoon Wang Jianlin, is expected to begin his new duties immediately.

Valencia said the plans Lim proposed offered "the best project" and that it was "most suitable to give a great future to Valencia CF".

"The board also wishes to congratulate all their fans for their patience, commitment and behaviour in recent months," they added.

Lim had bought over 70.4% of the shares owned by the foundation of the club which has some 300 million euros in debt.

Valencia last won the Spanish football title a decade ago and is 10th in La Liga.