The Singapore billionaire's offer to invest in the Spanish club has failed after it was revealed that he did not make it through the final round of bidders
It must be a case of déjà vu for Singapore billionaire Peter Lim, who has failed yet again to purchase a top European club.
According to Spanish newspaper Marca, the 60-year-old has failed to make it through the final round of bidders interested in buying debt-stricken Spanich club Valencia.
Lim placed a bid for the La Liga side in December, promising to clear the club’s debts and enable the completion of the construction of their new stadium, as well as providing a transfer fund of €50 million (SGD$87m) to invest in new signings.
However, he did not provide any new documentation fulfilling the requirements requested by consulting company KPMG. As such, Valencia’s creditor, Spanish banking conglomerate Bankia, have not taken Lim's bid into consideration.
Instead, the bank have selected the other bidders, rumoured to be companies such as Abu Dhabi's Mubadala, Qatari Investment Authority and American investment fund TPG, to go through the second phase of the operation.
Contact with investors that made it to the second stage will be required to make a binding offer in the coming weeks and KPMG have told Valencia that the process is "evolving satisfactorily".
It was only less than a month ago that Valencia president Amadeo Salvo publicly declared his willingness for Lim's offer to be accepted by the club's financiers, but it looks like the Singaporean will have to find another club to buy.
Lim has a net worth of US$2.05 billion (SGD$2.5bn) according to Forbes and has set up the Peter Lim Scholarship, a $10million scholarship for promising athletes under the Singapore Olympic Foundation.