(MENAFN- Kuwait News Agency (KUNA)) Singaporean businessman Peter Lim will be new owner of Valencia CF, which was facing financial difficulties, after purchasing 70 percent of the Spanish La Liga's club shares, a senior club official announced Saturday. Valencia CF foundation president Aurelio Martinez said all 22 members of the board approved Lim's bid to pay 100 million euro for 70 percent of the club's stocks. He said in a statement that Lim would be investing over 300 million euro in the club and would be providing an immediate 60 million euro to buy players for next season. Lim will be negotiating with the club's principal creditor Bankia to settle the debts. Martinez said Lim pledged to build a new stadium before March 2019. He said the club's senior management would remain in office. After the signing of the agreement with Lim, added Martinez, Valencia CF would pay back 4.8 million euro to the provincial government of Valencia.