SINGAPORE — Singaporean billionaire Peter Lim, who owns 70.4 per cent of Valencia CF, will inject €100 million (S$159.2 million) into the Spanish football club via his private investment company, Meriton Holdings, said the club’s executive president Chan Lay Hoon on Wednesday (this morning, Oct 1, Singapore time).

Ms Chan said at a press conference at the Mestalla Stadium that the board had approved the move earlier.

“With the capitalisation of the €100 million loan, the equity of the club will be strengthened from the current €50 million to €150 million,” she said.

An extra €80 million loan facility will also be granted to Valencia CF.

The announcement, which was welcomed by Valencia CF fans, was made five days after former club vice-president Miguel Zorio filed a legal complaint against Mr Lim, football agent Jorge Mendes and former club president Amadeo Salvo.

According to court documents, Zorio’s accusations included the misappropriation of funds involving players bought by the club, and unfair administration.

Spanish media said one of Mr Zorio’s complaints was that several players represented by Mr Mendes were bought from Portuguese club Benfica at “above-market prices”.

These include defender Joao Cancelo, 22, who was bought for €15 million, midfielder Andre Gomes, 22 (€15 million), midfielder Enzo Perez (€25 million), who is 29, and 24-year-old winger Rodrigo (€30 million),

Valencia CF later issued a statement to dismiss Zorio’s claims, and called it an attempt to “attract publicity through baseless accusations”.

Ms Chan had scathing remarks for Zorio. “I don’t know this person, but I heard a lot of stories about this person,” she said.

“He has never approached me or asked me for any clarification before he makes the allegations. As you may know, only this morning, he has sent a letter to the club, and this is after he has already made very damaging allegations.

“So, I think that shows you how responsible this person is. I don’t think I need to say any more.”

When asked whether Mr Mendes had any influence on the club’s purchase of players, Ms Chan said he is “only a friend”.

“At the moment, decisions are discussed between myself, the coach (who) is taking the active role right now on giving his inputs and, of course, Peter himself (who) is taking a lot of interest as well. So now, (we are) actually working as a team.

“We may have friends in the industry who are agents or management of other clubs, but the major shareholders are the ones who take the business risk, and we will look at all the inputs (and) all the views, and we make the decisions ourselves.

“At the end, when we buy a player, it is because we think that there is quality and good potential in this player. It is not because of anything else.”

Referring to recent media reports of Valencia CF fans being unhappy with the club’s poor form — the club is eighth in the league with two wins in six matches — Ms Chan called for them to “stick together as a family”, and promised the club will “work very hard to win our fans back”.

On the cash injections, Ms Chan said these will enable the club to achieve a number of objectives.

“The strengthening of the club’s balance sheet and financial health will allow us to, one, continue to invest in the first team and academy to compete at the highest level of European competitions,” she said.

“Two, to strengthen our balance sheets to protect our assets, and to build a brighter future for the club.

“And thirdly, which is I think is a very important point where the club has been suffering in the past, (and) that is to allow the club to be in a very strong position to manage a credible relationship with regulators, business partners, bankers and creditors so that, when we talk to them, we look them in the eyes,” said Ms Chan.

Valencia-based fans and journalists TODAY spoke to welcomed the announcements and felt Ms Chan addressed the many issues well.

“The timing was spot on. It battles the threats and lawsuit by Zorio,” said journalist Paco Polit, who reports on Valencia CF for sports website Diario de Mestalla.

“This (news also) comes after our La Liga and Champions League wins against Granada and Lyon, which helped soothe the fans.

“For fans, it was a feeling of things getting back on track both on the field and in management after a rocky start to the season.”

Added Valencia CF fan Vicente Galan: “We wish Lay Hoon or another Meriton spokesperson will do this more frequently: Talk to fans and explain their project.”