Latest news with #PeterLim
Malay Mail
6 days ago
- 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
6 days ago
- 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
6 days ago
- 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.
Reuters
6 days ago
- Business
- Reuters
Valencia CF secures $377 million financing for Nou Mestalla stadium
SINGAPORE, June 26 (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 (GS.N), opens new tab, with Spain's La Liga providing support to the club in the process, according to the statement. ($1 = 0.8547 euros)
BBC News
16-06-2025
- Business
- BBC News
Class of 92 looking for hotel investment
The Class of 92 and co-owner Peter Lim are looking for strategic investment into Hotel hotel, situated barely 50 yards from Old Trafford, has become a popular matchday venue for Manchester United fans since it opened in March owns 75% of the hotel, with the Class of 92 having the remaining 25%.Hotel Football's latest accounts show it made a loss of £601,000 to 31 December 2023, although it generated a healthy operating profit of £590,430 and recorded a 21% growth in investment is required for improvements to the cafe area, bedrooms and corridors. The search is in its very early stages, with sources confirming privately the ownership is open minded about the size and type of investment and whether it would result in a partial sale of the is being stressed the move is completely different to the backdrop that led to a new ownership group, which includes former United stars David Beckham and Gary Neville, that took over at League Two Salford City last Salford, Hotel Football does not require investment to help with day-to-day running costs. And, while he decided to pull out of Salford, Lim is happy to retain a significant interest in Hotel Football if negotiations allow.
