Valencia not up for sale: Peter Lim’s Meriton Holdings

Peter Lim (centre) attending his first Valencia game after taking over the La Liga club in 2014. PHOTO: VALENCIA CF

SINGAPORE – Local billionaire Peter Lim has refuted recent media reports that he is looking to sell his majority stake in relegation-threatened Spanish La Liga team Valencia CF.

In response to queries from The Straits Times on March 3 about the rumours, Meriton Holdings, the group that holds Lim’s stake, issued a brief press statement that said: “Meriton wants to make it clear that such reports are false. Valencia CF is not up for sale and Meriton remains committed to Valencia CF.”

Hours later, Los Ches announced that Lim’s only son Kiat Lim, a director since 2022, will take over from Chan Lay Hoon as the new Valencia president on March 5.

Chan said: “This appointment is a strong affirmation of the shareholder’s (Peter’s) ongoing commitment to the club and its future.”

On Feb 27, Spanish radio network Cadena Cope reported that, in his conversation with French giants Paris Saint-Germain president Nasser Al-Khelaifi, Peter Lim acknowledged that Valencia are for sale and the asking price for his majority stake is €400 million (S$564 million).

Since then, there have been talk of potential suitors, including Portuguese football legend Cristiano Ronaldo, who is friends with Peter Lim.

X account Futbol del Sr. Destrangis posted that the Al-Nassr player is planning to take over Valencia with financial backing from Saudi Arabia’s Crown Prince Mohammed bin Salman.

Consistent with their previous stance, the club, through Meriton, would rubbish these rumours.

However, at the last Valencia annual general meeting in December which ended early due to disruptions from the fan base’s representative shareholders, Chan said: “If there is an attractive offer, it will be studied for sure, but there is no hurry to sell. I see (Peter Lim) still committed, he supports us, and has extended the loan. The Peter whom I know does not sell his assets on the cheap.”

In 2014, Peter Lim’s Meriton bought Valencia for €420 million, with €200 million to clear the club’s €230 million debts and £170 million (S$290 million) to complete the construction of a new stadium, as they became the club’s first foreign owners.

The takeover effectively saved Valencia from bankruptcy and administration after years of mismanagement.

While they qualified for the Champions League thrice, reached the Europa League semi-final and won the King’s Cup in 2019 and reached the final again in 2022, they also have had 12 different coaches.

In Peter Lim’s 10 seasons with the club, Valencia finished in the top half six times, but find themselves languishing in 18th out of 20 teams with five wins, nine draws, 12 losses and 24 points with 12 games to go.

Disgruntled fans have often staged protests and even burnt his effigy to show their displeasure. In October 2024, Singapore police had to issue a “stern warning” to a Spanish couple for taking part in a “public assembly”.

One of them, identified by media outlets as Dani Cuesta, had posted on his X account photos of him holding a “Lim go home” banner at various locations, including outside Peter Lim’s home. He also pasted a “Lim out” sticker on the gate of the tycoon’s compound.

David Lee is senior sports correspondent at The Straits Times focusing on aquatics, badminton, basketball, cue sports, football and table tennis.

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