Valencia changes president: Peter Lim’s son, Kiat Lim, takes the reins of the club that deny having put on sale

“Kiat Lim assumes this new responsibility at a key moment for the organization. His appointment demonstrates a firm long -term commitment to the club and reinforces the commitment of the club with the stability and construction of a solid project for the future,” explains the statement, in which the still president welcomes him.

“I am pleased to pass the witness to Mr. Kiat Lim, son of our maximum shareholder. This appointment is a clear statement of the continuous commitment to the club and its future. I would also like to express my most sincere thanks to our fans and all the people close to the club for their support during my time in this position,” he says.

Since the majority of Valencia bought in 2014, the businessman has entrusted the reins to three presidents: Amadeo except Layhoon Chan, in two stages, and Anil Murthy. Now it will be a member of the Lim family in the first person who leads Valencia, aided by Javier Solís current corporate director and figure that is strengthened with the change in the Presidency.

Lim causes this relay in a delicate moment, with the team struggling to get out of the descent positions and in full negotiation to achieve, by the hand of Goldman Sachsa loan of up to 320 million euros to finish the works of the new stadium. At the moment, this financing has not been closed.

The change also comes in the midst of rumors about the interest of Lim in selling Valencia for an amount close to 400 million, something that Meriton has denied in a statement collected by the newspaper The Business Time. “Meriton wants to make it clear that such information is false. Valencia CF is not for sale and remains committed to Valencia CF“. Sample of that commitment they understand that it is to put KIAT LIM in front and reinforce their commitment to continuity to the markets to lead a project for which they are looking for external financing.

It contrasts this position with the one manifested by President Layhoon Chan after the last shareholders meeting in the month of December, when he first left the door open to an exit: “I have not heard of any offer. If it is very attractive, you will surely study it. You are not in a hurry to sell“He said. He fit that response with the agreements to refinance the debt and the reduction of the operational costs, starting with the sports workforce.

By then, the desire of who has been Lim’s right hand was to return to Singapore once the task entrusted by Peter Lim was fulfilled, which was none other than unlocking relations with the Valencia City Council to resume the works of the new stadium. Once the agreement was achieved and with the wear generated by the bad campaign of the team, his intention was to leave Valencia again.

For its part, Kiat Lim had become the interlocutor of local executives. As a member of the Board of Directors -completely conformed by people in the direct business environment of Lim -, he was aware of all movements, but it was also the link with which sports and investment movements were consulted in the last year.

The only time he was in Valencia, in December 2022, Lim’s son granted an interview to the club media in which he set his intentions. “We want exactly the same as everyone. We want to play in Europe, we want to win games, we want to win titles. That is what we clearly want. I think that with respect to everything that has happened, I want to be part of the Council and be here officially, “he said. Then he trained the Gattuso team, which resigned a month later and the team ended up struggling to avoid the descent with deck on the bench and moving away from Europe and the titles.