Peter Lim new owner of Valencia

The Singapore business man has finally completed his takeover of the former Champions League finalists
Goal can confirm that Singapore businessman Peter Lim is the new owner of La Liga side Valencia.

The debt-ridden Spanish club had been on the lookout for a new owner to takeover the club's debts and Lim's Meriton company has been chosen by the club's administrators.

Aurelio Martinez, the president of the Valencia Foundation, announced that Lim will invest €60million this summer in new signings.

He will also invest an additional €100million for his shares and Lim will also make the commitment of having the new stadium finished by 2019, in time to mark Valencia's centennial celebrations.

Lim's stake in Valencia is reportedly at 70.4% and was unanimously chosen by members of the club's foundation.

Lim will also have the immediate task of negotiating with Bankia for the payment of the club's current debt and he has to reach an agreement before May 27, when the deadline expires.

Valencia are reportedly 300million Euros in debt and Lim has a reported value of £1.4bn according to Forbes magazine.

The Singaporean had most recently been linked with a takeover of AC Milan although the Berlusconi family have rebuffed claims and offers of a sale.