Singaporean businessman buys controlling stake in Valencia

MADRID - Singaporean businessman Peter Lim has taken a controlling stake of financially stricken La Liga side Valencia after his bid to buy a 70.4 percent stake in the club previously owned by its foundation was unanimously accepted on Saturday.

The club's hierarchy has been looking for investors since principal creditor Bankia refused back in December to refinance the combined 306 million euro ($530 million) debt the club and its foundation has with the bank.

All 22 representatives of the foundation voted in favour of Lim's proposal which intends to clear the club's debts and invest heavily in a playing squad that barely managed to break into the top half of La Liga this season but reached the Europa League semi-finals where they lost to Liga rivals and eventual Europa champions Sevilla.

"I am very glad to have been selected the winning bidder after a rigorous selection process. Fans of Valencia Football Club can finally see an end to months of uncertainty," Lim said in a statement.

"Today's voting which overwhelmingly supported my bid demonstrates a firm commitment from the stakeholders of the process, namely Bankia, Valencia CF, the Valencia CF foundation and the Valencian Institute of Finance.

"Under the process, the winner is the bidder with the best sporting, financial and social solutions. I'm pleased that we have won on these three criteria and I'll like to thank the board of trustees, the Valencia fans and the city for their strong support over the past few months."