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Peter Lim

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Not to be confused with Peter Lin (disambiguation).
Peter Lim
林荣福
Recent photo of Peter Lim
Lim in 2016
Born (1953-05-21) 21 May 1953 (age 71)
Colony of Singapore
EducationUniversity of Western Australia
Occupations
  • Businessman
  • investor[1]
Known for
Spouses
Teo Geok Fong
​
(m. 1990⁠–⁠2002)​
Cherie Lim
​
(m. 2003)​
Children2

Peter Lim Eng Hock[a][2][3] (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.[4][5][6] In 2023, he was ranked 23rd on Forbes' list of Singapore's 50 Richest with a net worth of US$1.9 billion.[7][4] He is a shareholder of English club Salford City and the owner of Spanish La Liga club Valencia CF since 2014.[8][9][10][11]

In 2010, Lim won the biggest libel payout in Singapore's history in the Raffles Town Club saga.[3][12]

Early life and education

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The son of a fishmonger,[13] Lim and his seven siblings grew up in a two-bedroom government flat in the Bukit Ho Swee public housing estate.[13] Lim completed his secondary school education at the Raffles Institution.[13] After National Service, he went to Perth to study at the University of Western Australia.[14] To fund his university education, Lim worked part-time doing odd jobs as a taxi driver, cook and waiter.[14]

While working at Australian fast-food chain Red Rooster, Lim studied how businesses are started, how they grow, and how they scale up.[15]

He graduated with a degree in accounting and finance and first worked as an accountant and did some tax consultancy before going into stocks.[13]

Early career

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In the early 1990s, Lim invested about US$10 million in a start-up palm-oil company, Wilmar.[16] In 2010, Lim cashed out at the peak of commodity prices and sold his Wilmar shares for US$1.5 billion.[17]

Lim was known as the "Remisier King" (commission king) due to his success as a stockbroker in the 1980s.[18]

Lim quit the brokerage business in 1996 and became a private investor.

Sports investment

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Lim owns a controlling stake in Spanish La Liga club Valencia CF,[19] a 40% stake in Salford City F.C.,[20] and Hotel Football next to Old Trafford stadium in Manchester.[21] He previously owned stakes in British supercar maker McLaren Automotive.[22] Since becoming majority shareholder of Valencia CF in 2014, the club has qualified for the UEFA Champions League 3 times, and won the Copa del Rey in 2019. 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 2010, Lim expressed interest in purchasing Liverpool Football Club, submitting a bid of £320 million cash offer for the club.[25] Liverpool FC was eventually sold to New England Sports Ventures.[26]

In October 2021, Lim co-founded ZujuGP with his son.[27]

Valencia CF

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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.[28] Nuno Espírito Santo was hired as head manager on 2 July 2014, a condition Lim had insisted on when buying the club.[29][30] Santo's first season was successful, with notable signings.[31][32][33] Valencia finished the 2014–15 season in fourth place, qualifying for the Champions League qualification with 77 points, just one point ahead of Sevilla after a dramatic final week in which it defeated Granada 4–0.[29][34]

In 2017, the club announced club president Lay Hoon Chan would be replaced by Anil Murthy.[35] 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.[36][37]

In 2021, after six seasons under Lim's ownership, Valencia CF began to pay back the banks, which it was financially unable to do previously.[38]

During the first ten years of his ownership the club's fortunes have significantly declined rendering Lim as a deeply unpopular figure amongst Valencia supporters. In 2024, a Spanish couple on their honeymoon were arrested in Singapore for displaying anti-Lim banners outside a property owned by Lim. They had their passports confiscated and were prevented from leaving the country.[39]

Philanthropy

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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.[40] The recipients are typically students who come from financially challenged backgrounds and have demonstrated a potential to excel in their respective sports.[41] 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.[42] From 2011 to 2023, 4,519 student-athletes from 54 sports have received scholarships amounting to S$10.45 million.[43]

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.[42]

In 2011, Lim donated S$2 million for the HCIS-Peter Lim Scholarship Fund for students with exceptional academic merit, but with financial constraints in a 2-year scholarship covering the International Baccalaureate Diploma Program, in which tuition fees would be paid for in full.[44]

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.[45]

In 2018, Lim donated S$900,000 over three years to build Therapeutic Gardens in Telok Blangah, Punggol and Bedok Reservoir.[citation needed]

In 2020, in a partnership with NParks, Lim pledged S$10 million to set up the NParks – Peter Lim Scholarship for youth from less privileged backgrounds to pursue their interests in landscaping, horticulture, ecology, veterinary and animal science sectors.[46] Since its inception in 2020, study awards under the NParks – Peter Lim Scholarship have been given out to over 750 students in Singapore.[citation needed]

In 2022, Lim pledged S$680,000 to the Peter Lim Sports Ignite Grant to provide children and youth from disadvantaged backgrounds with the platform to pursue their sports interests and skills development. The grant also aims to empower girls to pursue their interests in sports and science, technology, engineering, arts and mathematics (STEAM).[47]

References

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Notes

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  1. ^ simplified Chinese: 林荣福; traditional Chinese: 林榮福; pinyin: Lín Róngfú

Citations

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  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. ^ "Peter Lim a savvy investor". The Edge Malaysia. 19 August 2010. Retrieved 18 June 2024.
  3. ^ a b "Raffles Town Club Pte Ltd v Lim Eng Hock Peter" (PDF). Archived from the original (PDF) on 14 October 2020.
  4. ^ a b "Singapore's 50 Richest". Forbes. 2024. Retrieved 28 April 2024.
  5. ^ "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.
  6. ^ "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.
  7. ^ Karmali, Naazneen; Ho, Jane (6 September 2023). "Singapore's 50 Richest". Forbes. Retrieved 28 April 2024.
  8. ^ Baillif, Elias. "Institution bafouée et résistance : Valence est-il (ir)récupérable ?". Eurosport. Archived from the original on 5 March 2021. Retrieved 5 February 2021.
  9. ^ 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.
  10. ^ 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.
  11. ^ 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.
  12. ^ "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.
  13. ^ 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.
  14. ^ 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.
  15. ^ "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.
  16. ^ "Peter Lim". Forbes. Archived from the original on 13 September 2017. Retrieved 11 August 2020.
  17. ^ Karmali, Naazneen (28 August 2013). "Peter Lim's Health Care Bet". Forbes. Retrieved 29 November 2023.
  18. ^ Ducker, James (3 December 2015). "Valencia owner's rags to riches tale". The Sunday Times. Archived from the original on 23 April 2024. Retrieved 28 April 2024.
  19. ^ "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.
  20. ^ "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.
  21. ^ "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.
  22. ^ "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.
  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. ^ Morley, Gary; Black, Phil (12 October 2012). "Liverpool gets new offer amid court battle". CNN Sport+. Retrieved 11 June 2024.
  26. ^ Cutler, David (15 October 2010). "Soccer-Liverpool ownership battle". Reuters. Retrieved 11 June 2024.
  27. ^ 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.
  28. ^ "Lim a signature away from Valencia takeover". Marca. Archived from the original on 16 August 2014. Retrieved 5 February 2021.
  29. ^ 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.
  30. ^ "Nuno takes up Valencia coaching reins". The Daily Telegraph. 3 July 2014. Archived from the original on 16 September 2017. Retrieved 5 February 2021.
  31. ^ "Official VCF Announcement – Álvaro Negredo". Valencia CF. 2 September 2014. Archived from the original on 30 May 2019. Retrieved 5 February 2021.
  32. ^ "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.
  33. ^ "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.
  34. ^ "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.
  35. ^ "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.
  36. ^ "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.
  37. ^ "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.
  38. ^ "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.
  39. ^ Marsh, Nick (9 October 2024). "Valencia fans detained in Singapore over football protest". BBC News. Retrieved 9 October 2024.
  40. ^ 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.
  41. ^ "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.
  42. ^ a b 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.
  43. ^ Keng Fai, Chay (2024). "SOF-Peter Lim Scholarship". Singapore Olympic Foundation. Retrieved 11 June 2024.
  44. ^ Hong Yi, Tay (21 May 2023). "The HCIS – Peter Lim Scholarship". Peter Lim Philanthropy. Retrieved 11 June 2024.
  45. ^ "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.
  46. ^ "Mint Media Sports presents Cristiano Ronaldo's #BeSIUPER weekend visit to Singapore". The Sun Malaysia. June 2023. Retrieved 11 June 2024.
  47. ^ "Peter Lim Sports Ignite Grant". Peter Lim Philanthropy. 21 May 2023. Retrieved 11 June 2024.
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