Peter Lim confirmed as new Valencia owner

Singapore billionaire Peter Lim has become the new owner of La Liga side Valencia.

The 60-year-old, whose name has been linked with Los Che for some time, has purchased 70% of the Spanish side, making him the majority shareholder.

Valencia last won La Liga in 2004, but have struggled with financial issues in recent years and have been forced to sell a number of their star players, including Juan Mata, David Villa and David Silva.

The club made the semi-finals of the Europa League this season, but currently sit 10th in La Liga.

Thus far there has been no official comment from either party.