Wikipedia

Peter Lim

Not to be confused with Peter Lin.

Peter Lim (born 21 May 1953) is a Singaporean business magnate who was a stockbroker and an investor in palm oil, and is now a private investor focused on healthcare, property, sports, and education.[2][3][4] In 2023, he was ranked 23rd in Forbes' list of Singapore's 50 Richest with a net worth of US$1.9 billion.[2] He is a shareholder of English club Salford City and the owner of Spanish La Liga club Valencia CF since 2014.[5][6][7][8]

Peter Lim
林榮福
Recent photo of Peter Lim
Lim in 2016
Born (1953-05-21) 21 May 1953 (age 70)
Singapore
EducationUniversity of Western Australia
Occupations
  • Businessman
  • investor[1]
Known forOwner of Valencia CF
Spouses
Teo Geok Fong
​
(m. 1990⁠–⁠2002)​
Cherie Lim
​
(m. 2003)​
Children2 (including Kim Lim)

In 2010, Lim won the biggest libel payout in Singapore's history in the Raffles Town Club saga.[9][10]

Early life and education edit

The son of a fishmonger,[11] Lim and his seven siblings grew up in a two-bedroom government flat in the Bukit Ho Swee public housing estate.[11] Lim completed his secondary school education at the Raffles Institution.[11] After National Service, he went to Perth to study at the University of Western Australia.[12] To fund his university education, Lim worked part-time doing odd jobs as a taxi driver, cook and waiter.[12]

While working at Australian fast-food chain Red Rooster, Lim studied how businesses are started, how they grow, and how they scale up.[13]

He graduated with a degree in accounting and finance and first worked as an accountant and did some tax consultancy before going into stocks.[11]

Early career edit

In the early 1990s, Lim invested about US$10 million in a start-up palm-oil company, Wilmar.[14] In 2010, Lim cashed out at the peak of commodity prices and sold his Wilmar shares for US$1.5 billion.[15]

Lim was known as the "Remisier King" (commission king) due to his success as a stockbroker in the 1980s.[16]

Lim quit the brokerage business in 1996 and became a private investor. He was able to escape the 1998 Asian Financial Crisis as he had liquidated most of his stocks and was holding cash.[citation needed]

Sports investment edit

Lim owns a controlling stake (83%) in Spanish La Liga club Valencia CF,[17] a 40% stake in Salford City F.C.,[18] stakes in British supercar maker McLaren Automotive,[19] and Hotel Football next to Old Trafford stadium in Manchester.[20] Since becoming majority shareholder of Valencia CF in 2014, the club has qualified for the UEFA Champions League 3 times, but also won the Copa del Rey in 2019. After six years of ownership, the club consistently underperformed and achieved some of the poorest results in its modern history.[21][22] Separately, Salford City achieved 4 promotions in 5 seasons to reach League Two in 2019,[23] and won the delayed 2020 Papa John's Trophy.[24] In October 2021, Peter Lim co-founded ZujuGP with his son.[25]

Lim once bid for English Premier League soccer club, Liverpool Football Club but was rejected.[26]

Valencia CF edit

In May 2014, Lim was designated by the Fundación Valencia CF as the buyer of 70.4% of the shares owned by the club's foundation. After months of negotiations between Lim and Bankia (the main creditor of the club), an agreement was reached in August 2014.[27] Nuno Espírito Santo was hired as head manager on 2 July 2014, which was one of the conditions Lim had insisted on when buying the club.[28][29] This attracted attention in the media because of Espírito Santo's close relationship with the football agent Jorge Mendes, whose first-ever client was Espírito Santo.[30][31] Lim and Mendes are also close friends and business partners.[32] Espírito Santo's first season was successful, with notable signings.[33][34][35] Valencia finished the 2014–15 season in fourth place for Champions League qualification with 77 points, just one point ahead of Sevilla after a dramatic final week, defeating Granada 4–0.[28][36]

In 2017, the club announced club president Lay Hoon Chan had submitted her resignation and that she would be replaced by Anil Murthy.[37] After rumours arose of Lim's attempts at selling the club, Murthy assured the fans and local media that Valencia was a long-term project for both him and Lim, and they would not consider selling the club.[38][39]

In 2021, after six seasons under Peter Lim's ownership, Valencia CF began to pay the banks, which it was financially unable to do previously.[40]

 
Graffiti reading "Lim remember Exodus 21:23-25" in front of Mestalla stadium (2023)

During the 2022–23 season, manager Gennaro Gattuso was fired in January, leaving the team in danger of relegation.[41] His substitute, Rubén Baraja, was the team's 12th manager since Lim arrived.[42]

Lim's management of Valencia CF, which has been associated with player sell-offs[7] and lack of inward transfers[clarification needed], has been criticised by Valencia's fans,[6][7][43][44] player Geoffrey Kondogbia,[45] and managers and directors such as Cesare Prandelli,[46] Javier Subirats,[47] and Javi Gracia.[48] In 2023, a fan club addressed a protest letter to the Singapore Consulate in Madrid.[49]

Philanthropy edit

In June 2010 the Singapore Olympic Foundation (SOF) set up the SOF-Peter Lim Scholarship with a S$10 million donation from Lim. The gift is the single largest donation in Singapore from an individual towards sports development.[50] The recipients are typically students who come from financially challenged backgrounds and have demonstrated a potential to excel in their respective sports.[51] In 2019, Lim further pledged to continue supporting young local athletes for another 10 years from 2021 to 2030 by donating another S$10 million to the SOF-Peter Lim Scholarship.[52] Since the inception of the scholarship, 2642 student-athletes have received scholarships amounting to $7.2 million.[52]

Lim further committed a separate S$20 million to start a new community project focused on helping children from less privileged backgrounds, with the aim of helping them reach their potential.[52]

In 2014, Lim also endowed Nanyang Technological University with S$3 million to fund a professorship in peace studies at the S. Rajaratnam School of International Studies to protect and promote harmony in Singapore.[53]

References edit

  1. ^ Jetley, Neerja. "How Singapore Billionaire Peter Lim Makes Money From Thin Air". Forbes. Archived from the original on 26 January 2018. Retrieved 8 September 2017.
  2. ^ a b "Profile: Peter Lim". Forbes. Retrieved 23 April 2024.
  3. ^ "Peter Lim pierde en bolsa 1.665 millones de euros con TMG desde la compra del Valencia CF". Valencia Plaza (in Spanish). Archived from the original on 21 January 2021. Retrieved 5 February 2021.
  4. ^ "TMG, el holding cotizado de Peter Lim, se hunde en la Bolsa de Singapur a mínimos de hace 8 años". Valencia Plaza (in Spanish). Archived from the original on 25 February 2021. Retrieved 5 February 2021.
  5. ^ Baillif, Elias. "Institution bafouée et résistance : Valence est-il (ir)récupérable ?". Eurosport. Archived from the original on 5 March 2021. Retrieved 5 February 2021.
  6. ^ a b Panja, Tariq (5 February 2021). "They Hailed the New Owner as a Savior. Then They Got to Know Him". The New York Times. ISSN 0362-4331. Archived from the original on 23 December 2021. Retrieved 5 February 2021.
  7. ^ a b c Corrigan, Dermot. "'He had everything. And he destroyed it': Peter Lim's six years at Valencia". The Athletic. Archived from the original on 13 February 2021. Retrieved 5 February 2021.
  8. ^ Picó, Diego; Valencia (5 January 2017). "Is the sun setting on Lim's time in Valencia?". MARCA. Archived from the original on 12 May 2017. Retrieved 5 February 2021.
  9. ^ "Raffles Town Club Pte Ltd v Lim Eng Hock Peter" (PDF). Archived from the original (PDF) on 14 October 2020.
  10. ^ "Peter Lim wins S$210,000 in damages in RTC defamation suit". Channel NewsAsia. 28 July 2010. Archived from the original on 29 July 2010.
  11. ^ a b c d Hee, Jolene (5 June 2015). "8 Wise Lessons on Wealth That Singapore's Self-Made Tycoon Peter Lim Can Teach Us". Vulcan Post. Archived from the original on 9 October 2016. Retrieved 7 October 2016.
  12. ^ a b "5 things about Peter Lim and his new football club Valencia". Archived from the original on 28 October 2020. Retrieved 28 August 2020.
  13. ^ "Peter Lim: From Taxi Driver To Billionaire, And His Latest S$1M Meal Donation For COVID-19". 27 May 2020. Archived from the original on 16 January 2021.
  14. ^ "Peter Lim". Forbes. Archived from the original on 13 September 2017. Retrieved 11 August 2020.
  15. ^ Karmali, Naazneen (28 August 2013). "Peter Lim's Health Care Bet". Forbes. Retrieved 29 November 2023.
  16. ^ Ducker, James (29 November 2023). "Valencia owner's rags to riches tale". Archived from the original on 23 April 2024. Retrieved 29 November 2023.
  17. ^ "Football: Singaporean billionaire Peter Lim gets rousing welcome in Valencia". The Straits Times. 28 October 2014. Archived from the original on 20 October 2020. Retrieved 9 March 2021.
  18. ^ "Peter Lim to buy 50% stake in Salford City from Class of '92". the Guardian. 22 September 2014. Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  19. ^ "Singapore billionaire Peter Lim invests in McLaren Automotive". Reuters. 19 August 2011. Archived from the original on 16 May 2021. Retrieved 9 March 2021 – via www.reuters.com.
  20. ^ "Billionaire Peter Lim invests in Manchester United legends' Hotel Football". www.attractionsmanagement.com. Archived from the original on 23 April 2024. Retrieved 14 August 2021.
  21. ^ Masmano, Chimo (24 May 2021). "El peor Valencia del siglo XXI y roza los peores registros del XX". Cadena SER (in Spanish). Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  22. ^ "Valencia register their worst defensive record in 32 years". MARCA in English. 24 February 2020. Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  23. ^ "The Salford City project - How far can it go?". footballwhispers.com. Archived from the original on 22 April 2021. Retrieved 9 March 2021.
  24. ^ "Salford win Papa John's Trophy on penalties". BBC Sport. Archived from the original on 15 August 2022. Retrieved 14 August 2021.
  25. ^ Jonathan Burgos (18 October 2021). "Singapore Billionaire Peter Lim Launches Digital Platform, Endorsed By Soccer Star Cristiano Ronaldo". Forbes. Archived from the original on 14 January 2022. Retrieved 27 March 2022.
  26. ^ Prystay, Cris (13 October 2010). "Who Is Singapore Billionaire Peter Lim?". WSJ. Retrieved 23 April 2024.
  27. ^ "Lim a signature away from Valencia takeover". Marca. Archived from the original on 16 August 2014. Retrieved 5 February 2021.
  28. ^ a b "Valencia sack coach Pizzi, Nuno tipped to take over". UEFA. 2 July 2014. Archived from the original on 13 August 2017. Retrieved 5 February 2021.
  29. ^ "Nuno takes up Valencia coaching reins". The Daily Telegraph. 3 July 2014. Archived from the original on 16 September 2017. Retrieved 5 February 2021.
  30. ^ "Amadeo Salvo: "Si no viene Nuno, Lim no hubiera comprado el club"". 10 February 2016.[permanent dead link]
  31. ^ "Valencia sack coach Pizzi, Nuno tipped to take over". The Guardian. 22 September 2014. Archived from the original on 2 December 2016. Retrieved 5 February 2021.
  32. ^ "Lim y Mendes participan en un fondo que compra y vende jugadores". 19 January 2014. Archived from the original on 14 August 2017. Retrieved 5 February 2021.
  33. ^ "Official VCF Announcement – Álvaro Negredo". Valencia CF. 2 September 2014. Archived from the original on 30 May 2019. Retrieved 5 February 2021.
  34. ^ "Presentación oficial de Enzo Pérez como nuevo jugador del Valencia CF" [Official presentation of Enzo Pérez as new player of Valencia CF] (in Spanish). Valencia CF. 2 January 2015. Archived from the original on 3 January 2015. Retrieved 3 January 2015.
  35. ^ "Valencia regista André Gomes como emprestado pelo Benfica" [Valencia register André Gomes as loaned by Benfica]. Record (in Portuguese). 17 July 2014. Archived from the original on 20 July 2014. Retrieved 19 July 2014.
  36. ^ "Valencia climb back above Sevilla in battle for fourth". Eurosport. 27 April 2015. Archived from the original on 17 April 2024. Retrieved 5 February 2021.
  37. ^ "Layhoon Chan to step down as president of Valencia". ESPN. 10 April 2017. Archived from the original on 13 August 2017. Retrieved 5 February 2021.
  38. ^ "Owner Peter Lim 'would not sell Valencia for €1bn' – Anil Murthy". ESPN. 11 April 2017. Archived from the original on 13 August 2017. Retrieved 5 February 2021.
  39. ^ "New Valencia president Anil Murthy vows to rebuild club for years to come – Anil Murthy". 3 July 2017. Archived from the original on 13 August 2017. Retrieved 5 February 2021.
  40. ^ "Football: 'A bankrupt club is not a better club,' says Valencia owner Peter Lim". CNA. Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  41. ^ Folgado, Salva (30 January 2023). "Gennaro Gattuso deja de ser entrenador del Valencia". El País (in Spanish). Archived from the original on 24 February 2023. Retrieved 23 February 2023.
  42. ^ "12 entrenadores y 16 cambios en los nueve años de Lim en el Valencia". Las Provincias (in Spanish). 17 February 2023. Archived from the original on 7 March 2023. Retrieved 23 February 2023.
  43. ^ Lowe, Sid (8 February 2021). "Marcelino reunion reminds Valencia players and fans of happier times". the Guardian. Archived from the original on 9 February 2021. Retrieved 9 February 2021.
  44. ^ "'An abandoned club' - the staggering decline of Valencia". BBC Sport. Archived from the original on 9 February 2023. Retrieved 23 February 2023.
  45. ^ "Am Mestalla brennen schon Kerzen: Wie Peter Lim den FC Valencia ruiniert | Goal.com". www.goal.com. Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  46. ^ "Ex-Valencia Boss Slams Club Over Broken Promises & Hits Out at 'Monotonous' Spanish Football Tactics". 90min.com. 4 January 2017. Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  47. ^ "Valencia: Prandelli slams broken promises over signings". AS.com. 31 December 2016. Archived from the original on 14 August 2021. Retrieved 14 August 2021.
  48. ^ "Meriton repite los mismos 'pecados' con Bordalás". AS.com (in Spanish). 1 August 2021. Archived from the original on 13 August 2021. Retrieved 14 August 2021.
  49. ^ García, Andrés (22 February 2023). "Carta al Consulado de Singapur contra Peter Lim". Superdeporte (in Spanish). Archived from the original on 24 February 2023. Retrieved 23 February 2023.
  50. ^ hermesauto (1 June 2018). "Almost $800,000 doled out in this year's SOF-Peter Lim Scholarship for 269 student-athletes". The Straits Times. Archived from the original on 19 August 2019. Retrieved 19 August 2019.
  51. ^ "Lim commits further $10 million to support Singapore Olympic Foundation". www.insidethegames.biz. 6 July 2019. Archived from the original on 19 August 2019. Retrieved 19 August 2019.
  52. ^ a b c hermesauto (3 July 2019). "Billionaire Peter Lim donates another $10 million to Singapore Olympic Foundation for scholarship". The Straits Times. Archived from the original on 4 July 2019. Retrieved 19 August 2019.
  53. ^ "Peter Lim donates S$3m to NTU for peace studies professorship". TODAYonline. 10 June 2014. Archived from the original on 19 August 2019. Retrieved 19 August 2019.

External links edit

 
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