Soccer-Singapore businessman Lim buys Valencia

May 17, 2014

BARCELONA, May 17 (Reuters) - Singapore businessman Peter Lim is the new owner of debt-ridden Valencia after buying 70.4 percent of the shares owned by the club's foundation, the La Liga side said on Saturday.

The Valencia Foundation's patrons voted for Lim's proposal ahead of other offers from international consortiums offering large cash injections.

"Peter Lim has completed the takeover," a club spokesman told Reuters.

(Reporting by Tim Hanlon, editing by Pritha Sarkar)