In an announcement on Monday, the club’s board of directors confirmed that Kiat Lim, also known as Lim Wee Kiat, will take over the role from his predecessor Chan Lay Hoon starting Wednesday, Channel News Asia reported.

The club stated that with this new role, Kiat “takes on this new responsibility at a pivotal moment for the organization”.

“His appointment demonstrates a strong long-term commitment to the club, and reinforces the club’s commitment to ensuring stability and building a solid project for the future.”

Chan, who has served as president in two separate terms, said she was “pleased to pass the baton” to Kiat, calling the appointment a “strong affirmation” of the major shareholder’s ongoing commitment to the club.

Kiat has been a director at Valencia since 2022 and also sits on the board of Singapore Exchange-listed Thomson Medical Group, where he was appointed executive vice-chairman in September 2022. He is also chairman of RSP, an architectural and engineering design group.

His father, Peter, one of Singapore’s wealthiest individuals, acquired Valencia in 2014. His net worth as of March 4 is $1.6 billion, according to Forbes.

Earlier on Monday, Lim’s investment firm Meriton Holdings, denied reports that Valencia CF were up for sale. This followed claims by multiple reports that the club was on the market for approximately €400 million ($419 million).

Currently, the club are sitting 18th in La Liga and facing risk of relegation.

In recent years, protests against Lim’s ownership have become a common sight at Mestalla Stadium, with fans frequently displaying banners calling for him to leave. They voiced frustration over club management decisions, including the sale of key players, frequent coaching changes and delays in the construction of a new stadium.