Singapore billionaire Peter Lim will complete his takeover of Spanish club Valencia within the next month, following successful negotiations with the club's main creditor, Spanish bank Bankia.
Valencia president Amadeo Salvo was in Singapore on Friday to confirm the deal, which will see Lim wipe out the club's debt of 200 million euros (S$333 million), and help finance building a new stadium.
According to the Inside Spanish Football website, the takeover was thought to have been completed in June, but it transpired that Lim's Hong Kong-based company Meriton Captial had only signed a "term sheet" with Bankia, giving it exclusive negotiating rights. A deadline for the deal to be completed was then set for Aug 15, 6pm.
A breakthrough was reached on Thursday, and all that is left is for the paperwork to be sorted. Club officials declined to reveal the official value of the deal, but if completed, it will be among the top three most expensive football club takeovers.