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The Singapore tycoon will make €60 million [£50m] immediately available for transfers, while investing €100 million [£80m] for his shares in the club

Valencia have confirmed Singapore tycoon Peter Lim is the club's new owner after he completed the purchase of a 70.4 per cent majority stake in the club.

The debt-ridden La Liga side were the subject of several other offers from international consortiums but patrons of the Valencia Foundation, who owned the portion of the club bought by Lim, voted in favour of his proposal.

The president of the foundation, Aurelio Martinez, has revealed that €60 million will be immediately be made available for the purchase of new players, while Lim has invested €100 million into the club for his shares.

He has also pledged his commitment to completing the building of Valencia's new stadium, Nou Mestalla, by 2019, when los Che will turn 100-years-old.

However, Lim's first pressing task will be to negotiate the repayment of the club's debt with Spanish banking conglomerate Bankia before the May 27 deadline.

Valencia's current level of debt is reported to stand at €275 million, which has forced the high-profile sales of Juan Mata, David Silva and Roberto Soldado in recent years.

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