MADRID (AFP) - Amadeo Salvo resigned as president of La Liga club Valencia on Wednesday citing personal reasons, although Spanish media said his departure along with four other senior personnel was due to differences with Singaporean billionaire owner Peter Lim.
Salvo, who has been in the post since June 2013, sitting alongside Chan Lay Hoon, who replaces him with immediate effect, said his family were going through a tough time.
"Last month I warned Layhoon Chan that once the season was over I would leave the club," said Salvo.
"My family is experiencing a difficult period.
"My father has cancer and it is tough.
"There is no point in prolonging when I cannot give 100 percent."
Chan thanked him for his service to the club and then announced that aside from Salvo's departure four other directors would also be leaving including sporting director and former player Francisco Rufete.
The Spanish press said the exits of Salvo and Rufete were more to do with disagreements with the management on the sporting front since businessman Lim, estimated by Forbes to be worth US$2 billion (S$2.7 billion), assumed control of the club in May 2014.
Lim, 62, bought 70 per cent of the club which was in a dire financial state, with serious debts and the construction of a new stadium at a standstill because of a lack of financing.
Lim's arrival, which he said would see him invest at least 300 million euros, was initially greeted by Salvo as being 'a historic opportunity' for the club.
Read the official statement from Valencia here.