• Spain's news in English

Broke Valencia FC to be rescued by billionaire

AFP · 23 Dec 2013, 11:24

Published: 23 Dec 2013 11:24 GMT+01:00

Facebook Twitter Google+ reddit

The club's hierarchy has been looking for investors since principal creditor Bankia refused earlier this month to refinance the combined 306 million euro (US$418 million, £256 million) debt the club and its foundation has with the bank.

Salvo said that Bankia had still to give the green light to Lim's proposal and had asked for more time to study other offers.

However, he insisted that given the 60-year-old is willing to clear the club's debts and invest heavily in the playing squad, Lim's would be a difficult offer to match.

"He has made us a proposal that will clear the debt owed by the foundation and Valencia to Bankia and will invest a significant amount in the first team immediately," said Salvo.

"It is one of the best two or three biggest offers made for a club in world football."

Moreover, according to Salvo, Lim has set a deadline of January 15 for the offer to be accepted so the club can reinforce their squad in the January transfer window with the hope of challenging for the Champions League places come the end of the season.

Lim has previously been linked with investment in football clubs, most notably when he bid for Liverpool in 2010, and has a net worth of $2.3 billion, according to American business magazine Forbes.

Valencia fortunes on and off the field have suffered since a financial crisis struck Spain in 2009.

Story continues below…

The club have been unable to finish work on their new Mestalla stadium and have had to sell a number of their best players.

And last week it was announced that Valencia are one of seven Spanish clubs to be investigated by the European Commission for alleged illegal state aid for the role in which local government played in guaranteeing the loans taken out by the club from Bankia.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Spain's 'Napflix' aims to bore viewers to sleep
Photo: Screengrab/ Napflix

A Spanish video platform called Napflix, designed to put people to sleep with dull content, was launched this week and its founders are on the lookout for more "monotony and repetition."

Recipe: How to make fabada - traditional Asturian bean stew
Photo: Flavio Lorenzo Sánchez/Flickr

The hearty Asturian dish is a perfect lunch on a cold day... and don't forget the crusty bread and cider!

Brit 'paedo' held on Costa del Sol after Most Wanted appeal

One of Britain's most wanted fugitives was arrested on the Costa Del Sol following a tip-off from an expat just hours after his face appeared on a public appeal.

Spain's parliament approves deficit reduction measures
Photo: Images Money/Flickr

Spanish lawmakers approved on Thursday measures to reduce the public deficit and keep it under the target agreed with the European Union.

'Cubism and War' show opens at Barcelona Picasso Museum
Pablo Picasso Harlequin and Woman with a Necklace. Photo: MP

Barcelona's Picasso Museum unveiled an exhibition on "Cubism and War" on Thursday depicting how one of the most influential artistic styles of the 20th century survived the First World War.

Why this bionic limb pioneer doesn't believe in disability
Hugh Herr has been award Spain's top science prize. Photo: FPA

The Local speaks to Hugh Herr on winning Spain's top science prize and how being an amputee doesn't make him disabled.

Dine in the buff at Spain's first nudist restaurant
A buffet of organic food will be served on "human tables". Photo: Innato / Facebook

Spain's first naked dining experience is to arrive on the island of Tenerife following the success of a similar venture in London.

Spain's top court overturns bullfighting ban in Catalonia
Photo: AFP

Spain's Constitutional Court on Thursday cancelled a bullfighting ban in Catalonia in what is likely to exacerbate tensions between Madrid and the separatist region, and between animal activists and fans of the tradition.

Out of the dark: Five years on from Eta ceasefire
Eta members made a ceasefire declaration in January, 2011. Photo: Gara / AFP

Five years after armed separatist group Eta declared a permanent ceasefire, Basque journalist Alberto Letona is still wondering when the dialogue will begin.

Hunt for ten most wanted Brit fugitives hiding out in Spain
Call Crimestoppers if you recognize these faces.

These fugitives from British justice are thought to be hiding out in Spain. Do you recognize anyone?

Sponsored Article
How to vote absentee from abroad in the US elections
Madrid parish church faces fine over 'too noisy' bells
Sponsored Article
Last chance to vote absentee in the US elections
Celebrate expat life at Madrid’s THRIVE convention
Fury after kids told to bring their own loo roll to school
Sponsored Article
How to vote absentee from abroad in the US elections
Disney announces plans for Don Quixote action movie
Activist tells 8-yr-old matador wannabe with cancer 'just die'
King to make last minute push to avoid third vote in Spain
Amazing photos of Catalonia's 'human tower' contest
What's on in Spain: October 2016
'No way, Jose! You'll never get your hands on our Rock'
Recipe: How to make a classic Spanish tortilla de patatas
Chorizo in paella? Go back to cooking school Jamie Oliver
Spain in eye of a perfect storm after 10 months without govt
Thousands share clips of life for 'Spain in a Day' film
Ten incredible Spain locations for Game of Thrones season 7
Analysis & Opinion
Why moving to Spain could be the best decision of your life
Seven reasons why autumn is the very best season in Spain
Spanish study finds four types of personality. Which are you?
New search underway for civil war grave of poet Lorca
Bison found decapitated on Valencia nature reserve
Forgotten Voices: What Brits in Spain think about Brexit
One dead and 14 injured in blast at Spanish resort
Game of Thrones want extras 'with muscles' to film in Spain
Thousands march in Madrid to push for bullfighting ban
jobs available