Peter Lim's dreams of owning a football club has been dashed for a second time when his bid for La Liga side Valencia was rejected by the team's creditors Bankia.
Spanish media have reported that the Singaporean billionaire is out of the running to take over the financially-crippled team as he did not provide any documentation which fulfilled any of the 14 due diligence requirements listed by consulting firm KPMG.
Bankia did not name the rival bidders but it is believed that they are American private equity investment firm TPG Capital and Qatar Investment Authority (QIA), the Arab nation's sovereign wealth fund.
Lim, 60, had proposed to wipe off Valencia's €306 million (S$530 million) debt with Spanish bank Bankia and pump in another €50 million in transfer funds.
Lim has previously tried to buy English Premier League side Liverpool in 2010 with a £300 million (S$620.5 million) cash offer but the Reds later announced a deal with US consortium Fenway Sports Group.