Singapore billionaire Peter Lim has reportedly denied media reports that he is selling his Spanish La Liga team Valencia CF.

Valencia CF said it has appointed Kiat Lim—son of the Spanish football club’s largest shareholder, billionaire Peter Lim—as its new president.

Unpopular Valencia owner Peter Lim hired his son, Kiat, as the club's president on Monday after the departure of previous chief Layhoon Chan. Valencia fans have been protesting Lim's management of their club for years.

Valencia’s future on the pitch has taken an upturn since the arrival of Carlos Corberan as mananger, with Los Che now off bottom and only in the relegation zone on goal difference. However what is

Peter Lim, a Singaporean who came from nothing to becoming a billionaire, recently made headlines after reports that he was putting the famous Spanish football club Valencia CF on sale.

Singaporean billionaire Peter Lim is reportedly putting the Spanish football club Valencia CF up for sale for €400 million (S$562 million), according to Spanish media outlet Cadena Cope. That sum will be for his majority stake in the team. Lim reportedly secured a 70.4 per cent stake in the club for €100 million (S$173 million) in 2014.

He also refuted media reports that he is looking to sell his majority stake in the club. Read more at straitstimes.com.

Singaporean billionaire Peter Lim has dismissed media reports claiming he is putting Spanish football club Valencia CF up for sale.

In an announcement on the club's website on Monday (Mar 3), Valencia's board of directors said that Mr Kiat Lim, who is also known as Lim Wee Kiat, will take over the role from outgoing president Ms Chan Lay Hoon on Wednesday.