It looks like Singapore businessman and billionaire Peter Lim will not be acquiring Valencia football club afterall.
Lim's application to take over the financially stricken football club and erase its EUR306 million ($535 million) debt has been rejected by the club's creditors Bankia according to a report by the Spanish media on Jan. 24.
This was because he failed to present any documents to show the fulfillment of the 14 due diligence requirements.