Singapore investor Peter Lim is set to purchase a controlling stake of Valencia and complete his drawn-out take over of the Spanish club.
Bankia, the bailed-out Spanish bank that held most of the club’s debt, says it and Valencia have reached a deal to refinance the club’s debt and have Lim’s company Meriton Holdings Limited acquire 70 percent of the club’s shares.
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The bank says the sale of the shares to Lim, whose negotiation started 10 months ago, is only pending authorization by government overseers.
Bankia says in a statement that the deal allows it the ”recovery of almost all the 320 million euros loaned to the club and its foundation.”
According to Forbes, the 61-year-old Lim is worth 2.5 billion dollars.