Peter Lim to inject extra €100-million in Valencia

Madrid - Singaporean businessman Peter Lim's Meriton investments group will invest an extra €100 million ($112 million, £74 million) in Spanish club Valencia, the club's chairwoman Layhoon Chan announced on Wednesday.

"The board has just approved and Meriton has agreed to capitalise the shareholder loan of €100-million," Chan said in a statement released by the club.

Chan also added than an extra €80-million loan facility will be granted.

"With the capitalisation of the €100-million loan, the equity of the club will be strengthen from €50-million to €150-million," the statement continued.

"The strengthening of the club's financial health will allow us to continue to invest in our first team and academy to compete at the highest level of European competitions, strengthen our balance sheet, to protect our assets and to build a brighter future for the club."

Lim took control of the financially stricken club last October and bank-rolled a return to the Champions League for the first time in three years thanks to a fourth-place finish last season in La Liga.

However, the club's dealings in the transfer market have come under scrutiny for the close ties between Lim and the Portuguese agent Jorge Mendes.

Former vice-president of the club Miguel Zorio has called for all the documents involved in the signing of players since Lim took charge to be released, claiming players represented by Mendes have been signed for inflated fees.