Peter Lim refutes $562 million Valencia CF sale reports: Singapore live news

Yahoo

04-03-2025

Hello to all our readers, Yahoo Singapore will be bringing you live news updates today. The editorial team will be curating the latest must-know local and international news.
Valencia CF's future is up in the air, but Peter Lim's Meriton Holdings has denied media reports claiming that the Spanish football club is being sold for $562 million (€400 million).
Meriton Holdings, which has been the majority shareholder in Valencia since 2014, dismissed the claims, asserting that the club is not for sale.
These rumours come at a time when the club is facing significant debts, estimated at €340 million, and after a tumultuous period that saw the sacking of popular manager Marcelino Garcia Toral and disappointing team performances.
Fan frustration has grown, with "Lim Go Home" protests becoming a common sight at Mestalla.
Even an international protest outside Lim's residence in Singapore sparked a brief detention of two Spanish nationals.
The tension between Lim and the fanbase has reached new heights, but Meriton remains steadfast in its commitment to managing the club's future.
Amid these challenges, the club announced a significant leadership change. Kiat Lim, the son of Peter Lim, will take over as president on 5 March 2025.
His appointment is seen as a sign of the Lim family's ongoing commitment to the club and its long-term stability.
While Valencia's future remains uncertain, the Lim family is determined to navigate the challenges ahead, with Kiat Lim leading efforts to restore stability and success.
Read more in our live blog below, including the latest local and international news and updates.
Valencia CF is not for sale, Peter Lim's Meriton Holdings clarified, after Spanish media reported that the Singaporean billionaire was looking for a buyer for the football club.
The reported asking price for Lim's majority stake in the club was $562 million (€400 million), following years of growing fan discontent and the club's ongoing financial struggles.
In a statement emailed to Yahoo News Singapore by Meriton Holdings, the company firmly denied the rumours, asserting: 'Valencia CF is not up for sale, and Meriton remains committed to the club."
This clarification follows reports in Spanish outlets that suggested Lim was seeking a buyer due to Valencia's mounting debts, which are reported to be as high as €340 million ($477 million).
The rumours of a potential sale were first ignited by reports from Spanish media, which claimed that Peter Lim was seeking €400 million for his 70.4 per cent stake in the club.
These reports came after years of turmoil under Lim's ownership, which began in 2014 when he rescued Valencia from bankruptcy.
However, his tenure has been marred by poor decision-making, mounting debts, and dissatisfaction from fans, who have frequently staged "Lim Go Home" protests at Mestalla.
The protests reached an international level when two Spanish nationals were detained by Singaporean authorities after they displayed a "Lim Go Home" banner outside Lim's residence.
This incident highlighted the ongoing frustration from fans who are desperate for a change in ownership, hoping for someone who can bring stability and success to the club.
The club has faced multiple challenges, including financial instability and an unfinished Nou Mestalla stadium project.
Despite efforts to resume construction, the burden of Valencia's debts and its recent underperformance in La Liga have made the club a challenging investment.
As a result, speculation about potential buyers, including PSG president Nasser Al Khelaifi, has circulated, but no formal offers have materialised.
Meriton Holdings reassured that it remains focused on revitalising Valencia's fortunes, dismissing any plans to sell the club.
Despite the financial struggles, the company reiterated its long-term commitment to addressing these issues and building a competitive future for the club.
Amid the ongoing speculation and fan protests, Valencia CF also announced a major leadership change. Kiat Lim, the son of Peter Lim, will officially take over as the new president of the club on 5 March.
Kiat Lim, who has served as a director since 2022, will lead Valencia at a crucial time, as the club aims to resolve its financial issues and stabilise its operations.
He succeeds Layhoon Chan, who expressed gratitude for her time leading the club and welcomed the transition to Kiat Lim, highlighting the shareholder's ongoing dedication to Valencia CF's future.
Valencia CF is not for sale, Peter Lim's Meriton Holdings clarified, after Spanish media reported that the Singaporean billionaire was looking for a buyer for the football club.
The reported asking price for Lim's majority stake in the club was $562 million (€400 million), following years of growing fan discontent and the club's ongoing financial struggles.
In a statement emailed to Yahoo News Singapore by Meriton Holdings, the company firmly denied the rumours, asserting: 'Valencia CF is not up for sale, and Meriton remains committed to the club."
This clarification follows reports in Spanish outlets that suggested Lim was seeking a buyer due to Valencia's mounting debts, which are reported to be as high as €340 million ($477 million).
The rumours of a potential sale were first ignited by reports from Spanish media, which claimed that Peter Lim was seeking €400 million for his 70.4 per cent stake in the club.
These reports came after years of turmoil under Lim's ownership, which began in 2014 when he rescued Valencia from bankruptcy.
However, his tenure has been marred by poor decision-making, mounting debts, and dissatisfaction from fans, who have frequently staged "Lim Go Home" protests at Mestalla.
The protests reached an international level when two Spanish nationals were detained by Singaporean authorities after they displayed a "Lim Go Home" banner outside Lim's residence.
This incident highlighted the ongoing frustration from fans who are desperate for a change in ownership, hoping for someone who can bring stability and success to the club.
The club has faced multiple challenges, including financial instability and an unfinished Nou Mestalla stadium project.
Despite efforts to resume construction, the burden of Valencia's debts and its recent underperformance in La Liga have made the club a challenging investment.
As a result, speculation about potential buyers, including PSG president Nasser Al Khelaifi, has circulated, but no formal offers have materialised.
Meriton Holdings reassured that it remains focused on revitalising Valencia's fortunes, dismissing any plans to sell the club.
Despite the financial struggles, the company reiterated its long-term commitment to addressing these issues and building a competitive future for the club.
Amid the ongoing speculation and fan protests, Valencia CF also announced a major leadership change. Kiat Lim, the son of Peter Lim, will officially take over as the new president of the club on 5 March.
Kiat Lim, who has served as a director since 2022, will lead Valencia at a crucial time, as the club aims to resolve its financial issues and stabilise its operations.
He succeeds Layhoon Chan, who expressed gratitude for her time leading the club and welcomed the transition to Kiat Lim, highlighting the shareholder's ongoing dedication to Valencia CF's future.