Singapore billionaire investor Peter Lim's long-drawn bid to take over Spanish football club Valencia took a big step to completion on Saturday, as he is set to purchase a controlling stake of the club.

Lim, who is in Valencia to watch their home La Liga match against Elche, has reached an agreement with Bankia - the Spanish bank that held most of the club's debt - on the restructuring of the club's debts, paving the way for him to buy a 70-per-cent stake in Valencia.

The club announced on Friday night that Lim's Meriton Holdings and the Foundation of Valencia CF will sign a Sales and Purchase Agreement, to be approved by the Spanish government in a month's time.

With the priority of rebuilding the club in mind, Meriton had pushed hard to finalise agreements with the key stakeholders. With all key stakeholders now on board with Meriton's plans, the acquisition process enters the final phase of fulfilling the conditions precedent and concluding the necessary legal agreements and approvals from the authorities.

Said Chan Lay Hoon, Meriton's director: "We are extremely proud to be given the opportunity to take control of one of the biggest and most-supported clubs in Europe. It has been a very long journey, longer than we would have liked. We especially want to thank the Valencia CF fans for their unwavering support and patience. We look forward to many exciting years of European football with our fans."

Club president Amadeo Salvo added: "We are writing a new chapter in Valencia. With Mr Lim, we are going to be stronger. To be successful, we must work hard and stand unite as a family. Peter Lim is now a very important member of our family and we want to say, 'Welcome, Peter Lim!' "