Singapore billionaire offers to bail out cash-strapped Valencia
December 23, 2013 -- Updated 2240 GMT (0640 HKT)
Peter Lim has offered to buy La Liga side Valencia, according to the club's president Amadeo Salvo.
- Singapore billionaire Peter Lim offers to buy Valencia, says club president
- The La Liga club has been crippled by debts following Spain's financial crisis
- Lim worth more than $2 billion according to Forbes.com
(CNN) -- Singapore businessman Peter Lim has offered to purchase debt-ridden La Liga side Valencia, according to the club's president, Amadeo Salvo.
Speaking at a specially convened press conference before Sunday's match with Real Madrid, Salvo said: "Mr Lim has made an official offer to Bankia to buy the club. It is one of the two or three biggest transactions ever in the world of football."
The La Liga club revealed in August that its debts to Bankia, Spain's fourth largest bank, stood at $376 million.
Salvo said Mr Lim has proposed that the purchase be completed by the middle of next month to allow the club time to spend money on players before the transfer window closes on January 31.
Keepy up challenge: Becker vs. Mendieta
Mendieta: Barca, Real out in front
The original plan was to close the deal in a week, Salvo suggested, but Bankia has requested a time frame of four to six weeks to consider more offers.
Read more: Mourinho hints at building Chelsea dynasty
Bankia, who announced earlier this month that they were seeking buyers for the club, declined to comment when contacted by CNN. Mr Lim could not be contacted at time of publication.
Lim, who made an unsuccessful bid to buy English Premier League club Liverpool in 2010, is worth more than $2 billion, according to Forbes.com.
Exactly a decade ago, Valencia were at the halfway point of a season which saw them win both the La Liga title and the UEFA Cup.
But the club has been mired in financial difficulties following Spain's economic crisis and currently lie 11th in La Liga with interim manager Nico Estevez in charge following the sacking of Miroslav Djukic earlier this month.
Construction on the new 75,000-seat Mestalla Stadium was halted in 2009 and a host of star players, including David Villa, David Silva and Juan Mata, have been sold in recent seasons to help service huge debts.
If 60-year-old Lim's bid is successful then he will join a growing list of foreign investors in La Liga and across other European leagues.
Fellow La Liga outfit Malaga were bought for a reported $80 million by Qatar's Sheikh Abdullah Bin Nasser Al-Thani in 2010 with the Qatar Investment Authority buying a 70% share of Ligue 1's Paris St Germain in 2011.
In October this year, Indonesian billionaire Erick Thohir acquired a 70% stake in Italian giants Inter Milan.
Part of complete coverage on
The U.S. government recognizes Kosovo, as do most European states, but getting football's ruling bodies to play ball has proved harder.
June 4, 2014 -- Updated 1504 GMT (2304 HKT)
National heroes don't always belong to one country. Ask France's World Cup hero Patrick Vieira, who is rediscovering his roots.
CNN's John Sinnott on the quiet Cambridge graduate behind Liverpool's resurgent campaign.
May 30, 2014 -- Updated 1519 GMT (2319 HKT)
They are the dispossessed -- stateless, and unrecognized by football's ruling body. But these teams will still play at their own World Cup.
Louis van Gaal will be a perfect fit for Manchester United the club, business and brand, says CNN's Patrick Snell.
May 19, 2014 -- Updated 1924 GMT (0324 HKT)
There's a new force in Spanish football -- and Atletico Madrid's ascendance is sharply contrasted by the fall from power of Barcelona.
May 13, 2014 -- Updated 1206 GMT (2006 HKT)
Rubber bullets, drones and FBI-trained riot police. Welcome to Brazil's 2014 World Cup -- will protests overshadow football's showpiece event?
May 9, 2014 -- Updated 1318 GMT (2118 HKT)
The former England international, who famously kicked a banana off the pitch 27 years ago, says education is the key to tackling racism.
May 7, 2014 -- Updated 1200 GMT (2000 HKT)
Of course not. But former Fulham owner Mohamed Al Fayed seems to think the removal of Michael Jackson's statue was a very "bad" idea.
May 7, 2014 -- Updated 1603 GMT (0003 HKT)
The Brazilian star's first season in Spain may have spluttered along, but the 22-year-old says he'll be firing on all cylinders at the World Cup.
April 30, 2014 -- Updated 1715 GMT (0115 HKT)
Former Soviet footballer Sergei Baltacha traveled from the land of the hammer and sickle to join The Tractor Boys and in doing so broke new ground.
April 29, 2014 -- Updated 0931 GMT (1731 HKT)
Villarreal football supporter who threw a banana at Barcelona's Dani Alves during league match handed a life ban by the La Liga club.
Today's five most popular stories