Singapore billionaire Peter Lim is the new owner of Valencia - 17May2014

SINGAPORE: Singapore billionaire Peter Lim has won his bid to buy Spanish football club Valencia, becoming the first Singaporean to own a top European outfit.

The businessman beat four other contenders, including China's richest man, property tycoon Wang Jianlin.

All 22 members of the club's board of trustees decided unanimously in Mr Lim's favour.

Mr Lim had promised a cash injection that would clear Valencia's debt of some 300 million euros, finance the building of a new stadium, and provide a fund of up to 50 million euros to buy new players.

Valencia last won the Spanish football title a decade ago.

Mr Lim previously tried to buy the Liverpool football club in 2010. Interestingly, he is himself a Manchester United fan.

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