Singaporean businessman Peter Lim has revealed his 'happiness' after becoming the new owner of Spanish outfit Valencia.

Lim, who has acquired a 70% stake in the La Liga side, will clear the club's vast debt and is expected to hand head coach Juan Antonio Pizzi significant transfer funds this summer.

"In terms of this process, the winner was always going to be the person with the best sporting, economic and social solutions" Lim told reporters.

"I am very happy that we have won bearing in mind this was the criteria. I would like to thank the Valencia fans and the city for their strong support during these last months.

"I am very happy to have been chosen after this rigorous selection process. Finally, the Valencia fans can put months of uncertainty behind them."

Valencia last won the Spanish title in 2004.