Wednesday, October 13, 2010

Remisier King Peter Lim Offers $750m for Liverpool

Peter Lim had increased his bid for Liverpool to fend off US rivals. Besides offering to clear the debts of Liverpool, he is also willing to give an immediate cash injection of 40 million pounds for the football club to buy new players. His bid is also attractive as it does not require an financing.

This comes amidst a bitter court battle over the sale of Liverpool. The other two bidders are New England Sports Ventures (NESV) and Mill Financial (a US hedge fund).

Mr Lim is the son of a fishmonger and is revered in Singapore financial circles for being an extremely savvy investors. Known as the "remisier king", he amassed a large fortune and had a winning touch in various companies - the biggest being that in Wilmar International which grew from $10 million initial investment to close to $2 billion today.

He however has business relationship with Manchester United and has the sole rights to own, operate and develop a chain of the famous club's restaurants across Asia. Whether he will give up the venture remains unknown.

The fate of offer will however depend on the court battle that is currently being waged between Liverpool's owners and chairman. The Liverpool owners want to stop the sale as they claim the price is too low. If the court rules in favor of the current Liverpool American owners, the club is likely to go into administration and will lose even more points in the Premier League.

Being a savvy investor, Peter Lim certainly must know what he is doing and while English media and fans are wary of the bid, Singaporeans here are cheering that our very own local hero could potentially own one of the biggest sporting clubs in English football history. Others have however questioned whether that money could be invested in the ailing local soccer scene which would benefit in a big way from that amount.

As Andy Ho, president of the local Liverpool supporters' club says: " This will put Singapore on the world football map."

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