arrived in Valencia in 2014 with a red carpet and acclaimed.
The brand new maximum shareholder of Valencia came with a line of credit of 100 million under his arm to strengthen the team and two players whose rights he was co-owner:
Six years later, its management is contested by the social mass, it has generated losses of 323 million euros and that loan not only had interest of 2.8% per year, but the part that did not end up converted into shares, a total of 38 million euros, still pending payment and guaranteed with the
rights of four players
from Valencia's first team and 20%
of television rights
Lim lends to Valencia to get him out of a tight spot, but not altruistically.
He does not hesitate to cover his positions even if that may mean a conflict of interest.
, is the lender of Valencia, which in turn is owned by Meriton, with more than 84% of the shares.
The Valencia accounts, approved at the club's general meeting of shareholders with Lim's roll, reveal that the businessman continues to make contributions to sustain the club's ailing economy, but not without consideration.
To the pending policy since 2014, whose expiration has been set for September 2021, another of 16.5 million was joined in June to attend a payment to
As an expiration date, the end of next summer was also established, but the interests are already 3% and it is guaranteed by the rights of four other players from the club's first team who do not reveal who they are.
In total, eight players could be sold to pay the maximum shareholder.
"If Valencia does not meet the payments, it will be the club who will decide when and for how much they are sold, but those amounts of the sale would go to pay the overdue loans.
The only thing that Meriton has done is to exercise its right of recovery, "explained President Anil Murthy with a discouraging speech, since he also announced that the club will have to continue selling players for the next two years due to the crisis generated by Covid, without recognize the losses generated by a management that has moved
965 million euros in the sale of players
in six years but that had to resort to promissory notes from a finance company to pay the June tokens to footballers.
Or that he has discounted in a German bank the entire amount of the sale of
to the City.
More sales caught in the quarry
With more sales on the horizon, disguising the absence of signings in a bet on the
with the renewal of
but not others like
Kang In Lee
, without income from subscribers and with the need to seek a sponsor before the withdrawal of the houses In betting, the economic future of a storied club is bleak and not masked by athletic performance.
Valencia sails in the middle of the table with Europe (and the income it generates) still far away.
As if that were not enough, the Gordian knot of the change of stadium has still not been undone.
"We will not be able to finish the stadium if we do not sell the Mestalla," said the president while the administrations press for them to resume the works under the threat of the expiration of the urban planning privileges granted.
Despite pressure and unpopularity, Lim sends a message:
"Meriton does not sell
And while still showing its power.
Yesterday was the last meeting since the conversion to SAD in 1992 in which a small shareholder with 11 titles can exercise their right to control the board of directors.
From next year it will be necessary to own or collect 3,598 shares to be represented on the board, which, given that of the eight directors, five live in Singapore, it could be telematic forever.
A legal maneuver but considered not very transparent by minority shareholders.
According to the criteria of The Trust Project
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