Lim seals Valencia takeover

Singapore billionaire Peter Lim has completed his takeover of Valencia, the Primera Division club have announced.

Lim has bought a 70 per cent share of the club from the Valencia CF Foundation, and must now start work to tackle crippling debts which reportedly stand at around 360million euros.

"Valencia CF want to welcome Meriton Holdings Limited and its owner Peter Lim and wish you lots of success and happiness for the future," said a statement on the club's website.

Lim's Meriton group was one of several bidders for Valencia, who sit 10th in La Liga going into the final match of the season against Celta Vigo on Saturday.