Peter Lim promises Valencia €50m transfer funds

The Singapore billionaire is willing to invest the amount in new signings if his bid to buy the La Liga side is successful
Valencia will get a €50 million (SGD$87m) transfer kitty to spend if they accept Singaporean billionaire Peter Lim's offer to buy the club.

The remisier submitted his offer to the debt-stricken Spanish side in December last year, with the La Liga side searching for new investors after principal creditor Bankia refused to refinance the club’s €300m (SGD$520m) debt.

The offer was publicly backed by club president Amadeo Salvo, although it is believed to be one of three on the table. A deadline of January 15 has been set for offers to be registered, with a new owner to be decided upon after a period of further consideration.

The 60-year-old reportedly told AS in Zurich that he is willing to invest the sum to fund new signings immediately this month and reiterated his passion for football.

“I hope my offer is accepted,” Lim said. “Forty million euros for signings seems too small to me. I have 50 million to spend this month.

“I like football a lot, and I hope all goes well. My intentions are good and the offer is good.”

Lim has previously singled out Manchester City striker Edin Dzeko as a potential transfer target, although Valencia are believed to want Chilean Eduardo Vargas on loan from Napoli.

Valencia, who sit eighth in the league currently, recently hired former San Lorenzo manager Juan Antonio Pizzi to replace Miroslav Djukic.

Portuguese agent Jorge Mendes made Salvo aware of Lim’s interest in purchasing Valencia. Mendes had previously played a role in Lim's involvement with Atletico Madrid, which saw them visit Singapore in 2013.

Lim and Mendes had both previously been part of a consortium interested in acquiring English club Middlesbrough, which did not materialise. Lim also failed in bids to purchase Liverpool and Atletico Madrid in the past.