Peter Lim completes Valencia takeover for 100 million euros

The sale of Valencia Football Club has been finalized. On Friday afternoon the necessary paperwork was signed simultaneously in Madrid and Valencia, sealing a new era for the club, which has never since its foundation in 1919 been controlled by foreign ownership. Peter Lim, after 10 months of negotiations, thus becomes Valencia's new owner, with 70 percent of the club's shares under his control.

In Madrid, Meriton Holding and Bankia signed an agreement to refinance the club's debt with the nationalized lender, which stands at 230 million euros. At the same time, in the offices of the Mestalla, Fundacio VCF, the previous major shareholder, and Lim's Meriton rubber-stamped the sale of a 70.4-percent stake in Valencia CF for the sum of 100 million euros, with an initial payment of 22 million. Lim is expected to attend the match between Valencia and Elche at the Mestalla on Saturday.

Club president Amadeo Salvo, the president of the Fundació VCF, Aurelio Martínez, and a representative of Meriton were scheduled to hold a news conference on Friday night to confirm the deal.

It is anticipated that as a result of Lim's takeover, the club's long-delayed move to the Nuevo Mestalla will take place in time for the 2018-19 season.