Singapore billionaire Peter Lim has submitted an offer to buy debt stricken Spanish club Valencia.
The deal involves Lim wiping the club’s debts and providing a transfer fund of €30 to €50 million (SGD$87m) to achieve Champions League qualification.
This was announced by club president Amadeo Salvo at a press conference held on Sunday prior to Valencia’s match against Real Madrid.
Salvo, who was only named as president in July this year, has been searching for new investors since principal creditor Bankia refused to refinance the club’s €300m (SGD$520m) debt.
“Lim is very passionate about football," Salvo said. "In November, we opened advanced discussions about the future of Valencia. Upon our arrival back in Valencia, we came to the understanding that it would be difficult to refinance with Bankia.”
Described as a “historic opportunity” by Salvo, the plan would also see Lim purchasing the Valencia Foundation’s 70 per cent stake in the club.
“This is the best solution for all parties: the club, Valencia Foundation, Bankia and the local government,” Salvo stated.
According to Salvo, the remisier has set a deadline of January 15 for the offer to be accepted in order to give the club adequate time to identify transfer targets in January’s transfer window.
“Mr Lim called us and came to Valencia to meet with the board, the vice president and president of the Foundation," Salvo explained.
"He promises to get rid of the debt and build a competitive team by investing an important amount. Before we accept the offer, which is among the biggest two or three for clubs in the world, we need to hear from Bankia."
The troubled club, who are 11th in La Liga, sacked their manager Miroslav Djukic last week after a string of poor performances.
Valencia has also been forced to sell star players such as Roberto Soldado, Juan Mata and Jordi Alba in recent seasons so as to raise capital to finance their new stadium, the Nou Mestalla.
They have been the only club in the last 11 years to break the Barcelona-Real Madrid duopoly, having last won the title in 2004. They also won the Uefa Cup the same year.
Lim, who has a net worth of $2.05 billion (SGD$2.5bn) according to Forbes, had also attempted to purchase Liverpool in 2010. His main source of income consists of construction.
He has also set up the Peter Lim Scholarship, a $10million scholarship for promising athletes under the Singapore Olympic Foundation.