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Singapore businessman Peter Lim has failed with his bid to buy Spanish club Valencia. It is the second time that his bid to buy a football club have been dashed.
Reports suggest that although Lim's offer was the only one to be received before the deadline day but it failed to meet the 14 point criteria laid out by the financial consultants KPMG.
The 60 year old had promised to put in 40 million Euros towards transfer activities as well as 90 million Euros to purchase share and 120 million towards wiping the debt of the club.
The club's creditors Bankia are now moving on to offers that have met KPMG's Criteria. Although no names have been mentioned it is believed there is an American private equity investment firm TPG Capital and Qatar Investment Authority (QIA), the Arab nation's sovereign wealth fund in the running.
Written by Himanshu Dhingra
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