Latest news with #KiatLim
Daily Mirror
27-06-2025
- Business
- Daily Mirror
'World's greatest stadium' finally gets opening date after 2009 abandonment
Plans for the 70,000-seat stadium were put on the back-burner in 2009 as the club was thwarted with financial difficulties, but after finding £275million to complete the build, it is set to open its doors in 2027 Valencia's Nou Mestalla stadium has finally been given an opening date after being abandoned for 16 years. Dubbed the "world's greatest" stadium, the 70,000-seat arena was originally meant to open for the 2009/10 La Liga season. However, when Valencia were blighted by financial troubles in 2008, questions arose as to whether the Los Ches would ever move into their new home. The six-time La Liga winners racked up monumental debts of around £350million, and failed to find a buyer for the Mestalla - which they still occupy to this day. The club also saw a £90m bank loan rejected, which seemed to be the final nail in the coffin in terms of the relocation. As a result, plans were put on hold in 2009, and the development has been abandoned ever since. That is until it was recently announced that Valencia have secured funding to the tune of £275m which will help them finally complete the construction of the Nou Mestalla - with an aim to rehome in 2027. A statement on the official Valencia website reads: "Valencia CF has successfully secured the full financing for Nou Mestalla — the most significant non-sporting project in the Club's history. "Scheduled to open in 2027, Nou Mestalla will serve as a global benchmark for modern stadium developments. The modern state-of-the-art stadium will drive Valencia CF's growth and unlock new long-term sustainable revenue streams that will strengthen the Club's influence and competitiveness for decades to come." Described as a "landmark and legacy project for the city," the stadium will also hope to serve as an "epicentre for sport" across the region. The statement added: "Nou Mestalla is not just a transformative investment for Valencia CF - it will be a landmark and legacy project for the city and is set to become an iconic symbol for Valencia CF fans, benefiting the city of Valencia, its residents, and visitors. "This new stadium has been designed in line with the world 's leading multifunctional venues and is expected to multiply the revenue currently generated at the old Mestalla facility. Nou Mestalla will become the epicentre for sport, leisure, and entertainment in the city and throughout the wider Valencia region. "Built to meet FIFA's highest stadium classification and featuring over 70,000 seats, nearly 10% of which will be Hospitality seating, transforming every match or event into a premium experience. A wide range of dining, leisure and event-hosting options will turn Nou Mestalla into a year-round entertainment venue which will in turn significantly increase the economic potential beyond the constraints of former Mestalla." Speaking on the endeavour, President of Valencia CF Kiat Lim said: "This marks a historic milestone for Valencia CF. Securing this landmark financing gives us the green light to deliver Nou Mestalla — a world-class stadium that will power the Club's growth for generations. "It is the clearest expression of our long-term commitment to Valencia, and a reflection of the trust and confidence the Club now commands in global financial markets. With this agreement, we are building more than a stadium — we are building the future of Valencia CF." As a result, the Nou Mestalla could join a whole host of prestigious stadiums which will play host to the 2030 World Cup, which will take place across Spain, Portugal and Morocco - joining the likes of the Bernabeu, Camp Nou, the Estadio da Luz and the Prince Moulay Abdellah Stadium on the list of potential candidates. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
Malay Mail
27-06-2025
- Business
- Malay Mail
Singapore tycoon Peter Lim and son Kiat drive Valencia's €322m stadium push with 2027 opening set
SINGAPORE, June 27 — Singapore tycoon Peter Lim is not stepping away from Valencia CF, as the Spanish football club announced it has secured €322 million (RM1.6 billion) in financing to complete its long-delayed new stadium, the Nou Mestalla. Scheduled to open in 2027, the 70,044-seat stadium will be Spain's fourth largest, behind the redeveloped Nou Camp, Santiago Bernabeu, and Metropolitano Stadium, according to a report in The Straits Times today. Valencia president Kiat Lim, Peter Lim's son, hailed the financing as a 'historic milestone', saying it would enable the club to deliver a 'world-class stadium' and reflects growing global investor confidence in the club. The financing includes a €237 million note issuance with a 28-year maturity and an €85 million five-year loan, which will be repaid using proceeds from the sale of the current Mestalla site. 'This new stadium is a game-changer — in revenue potential and fan experience,' said Kiat, who took over as president in March. Valencia president Kiat Lim, Peter Lim's son, hailed the financing as a 'historic milestone', saying it would enable the club to deliver a 'world-class stadium' and reflects growing global investor confidence in the club. — Picture from social media Valencia have played at the ageing Mestalla since 1923; construction of the new stadium began in 2007 but was halted in 2009 due to financial troubles, years before Peter Lim rescued the club from bankruptcy in 2014. Despite recent on-pitch struggles, Valencia still drew strong home crowds, averaging over 43,000 fans per game last season, with season ticket holders filling 90 per cent of seats. The Nou Mestalla will offer 6,500 hospitality seats, compared to fewer than 500 at the current ground, and is expected to more than triple the club's revenue through expanded hospitality, naming rights, and year-round events. The club also envisions the stadium becoming a multifunctional venue hosting entertainment, business, and leisure activities, helping transform it into a regional hub. Kiat said the venue will operate '365 days a year' and match the club's long-term vision, describing the project as more than just a stadium, but the 'future of Valencia CF'. Peter Lim's Meriton Holdings has committed over €200 million to the club, the most by a single investor in La Liga history, keeping Valencia financially stable and able to fund major projects like this. The stadium financing follows a corporate refinancing completed in November 2024, in which the club consolidated €186 million of debt, further strengthening its financial position.
New York Times
26-06-2025
- Business
- New York Times
Valencia secure €322m funding to finally complete Nou Mestalla stadium
Valencia have announced the securing of €322million in funding organised through Goldman Sachs which the La Liga club say will allow them to finally complete the long-delayed new Nou Mestalla stadium. The 70,000-capacity stadium is now due to be ready in 2027, with Valencia's announcement saying a €237m loan would be paid back over 28 years, while €85 million of the financing would be prepaid from selling the land on which its current Mestalla ground sits. Advertisement 'This marks a historic milestone for Valencia CF,' Valencia president Kiat Lim said in the statement. 'Securing this landmark financing gives us the green light to deliver Nou Mestalla — a world-class stadium that will power the club's growth for generations. It is the clearest expression of our long-term commitment to Valencia, and a reflection of the trust and confidence the club now commands in global financial markets. 'With this agreement, we are building more than a stadium — we are building the future of Valencia CF.' Valencia's new stadium was first announced in November 2006, and work started the following August. Work was halted in February 2009, when the club's then owners ran out of money, after around €100m had already been spent constructing a concrete bowl base. Current club owner Peter Lim (Kiat's father) was then involved in a long-running dispute with the local authorities over permits required for construction, which were finally resolved ahead of work restarting at the site in January 2025. €80m from La Liga's deal with private equity fund CVC has already been committed to paying for the new stadium, with over €30m also raised through the sale of over 40,000 square metres of space beside the new ground for the construction of two residential and commercial towers. Among the club's legacy financial problems inherited by Lim was an €89m loan with local lender Caixabank, for which the old stadium was collateral. Last November, Valencia announced a debt restructuring which included a long-term corporate facility of €121m and a short-term bridging loan facility of €65m, provided by Goldman Sachs. Nou Mestalla will also feature around 7,000 VIP seats and facilities for non-football events, so the stadium can provide a boost to club revenues, help pay back the costs of construction, and their other existing liabilities. Valencia fans might receive the news of the new financing agreement with mixed feelings. The Lim family are very unpopular in the city, with regular protests against their ownership, so this apparent reaffirmation of their long-term commitment makes a sale of the club in the short or medium-term seems less likely. Advertisement There is also a deep emotional connection to the Mestalla ground, currently the oldest in La Liga, where Valencia have played since 1923. The 2027 completion date also puts the new stadium back in the running for games when Spain co-hosts the 2030 World Cup, after it was left out of the initial Spanish federation plan for the tournament. (Jeroen Meuwsen/Soccrates/Getty Images)
CNA
26-06-2025
- Business
- CNA
Valencia CF secures US$377 million financing for Nou Mestalla stadium
SINGAPORE: Valencia CF has secured financing totalling €322 million (US$377 million) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday (Jun 26). The financing, comprising €237 million of notes and €85 million of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement. "Securing this landmark financing gives us the green light to deliver Nou Mestalla - a world-class stadium that will power the club's growth for generations," Kiat Lim, Valencia CF President, said in the statement. Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner. The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at its old Mestalla facility, Valencia CF said. "Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said. Valencia CF was advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs, with Spain's La Liga providing support to the club in the process, according to the statement.
The Star
26-06-2025
- Business
- The Star
Valencia CF secures $377 million financing for Nou Mestalla stadium
FILE PHOTO: View of the partially built soccer stadium Nou Mestalla, started in 2007 to replace the current stadium, the Mestalla, in Valencia, Spain, November 17, 2024. REUTERS/Vincent West/File Photo SINGAPORE (Reuters) -Valencia CF has secured financing totaling 322 million euros ($377 million) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday. The financing, comprising 237 million euros of notes and 85 million euros of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement. "Securing this landmark financing gives us the green light to deliver Nou Mestalla - a world-class stadium that will power the club's growth for generations," Kiat Lim, Valencia CF President, said in the statement. Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner. The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at its old Mestalla facility, Valencia CF said. "Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said. Valencia CF was advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs, with Spain's La Liga providing support to the club in the process, according to the statement. ($1 = 0.8547 euros) (Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and David Evans)
