A consortium led by a former San Jose Earthquakes player has agreed to buy a portion of Valencia's shares..

The Athletic exclusively reported on Friday that Valencia's Singaporean owner Peter Lim has reached an agreement with a consortium, led by a former San Jose Earthquakes player, to sell a portion of his stake in the club.

According to the report, the consortium has agreed to acquire a 42% stake from Lim, with the deal valuing the club at €1.25 billion (£1.05 billion / $1.4 billion).

The consortium, known as Pitchwise Holdings, was founded in 2015 by former San Jose Earthquakes attacking midfielder Cory Woolfolk. The holding company has recently been heavily involved in investments and development projects within the sports sector.

Woolfolk was selected by the San Jose Earthquakes as the 49th overall pick (in the fifth round) of the 2001 Major League Soccer (MLS) SuperDraft.

However, after making only seven appearances for the team during the preseason, Woolfolk was released in May of that same year.

The San Jose Earthquakes subsequently used the roster spot opened by his departure to sign the legendary U.S. national team star Landon Donovan.

Another key figure in the holding company is Ann Rodriguez, who previously served as an executive with the MLS powerhouse Atlanta United.

She is also involved with the organizing committee for the 2028 New York Olympic bid and holds a senior position within the NBA.

Furthermore, the report reveals that, much like the recent acquisition of Liverpool, this deal for Valencia involves prominent American business figures.

Henry Kravis—co-founder of KKR & Co. (Kohlberg Kravis Roberts & Co.), a firm that has been a leader in private equity and Wall Street-based investment since the late 1970s—is part of the consortium, alongside his cousin, George Roberts. 

Much like Amazon founder Jeff Bezos, who joined the consortium which acquire a stake in the Reds, 82-year-old Kravis and 83-year-old Roberts are participating in this acquisition of Valencia shares in their personal capacities, rather than through KKR. Like Bezos, neither is expected to join the club’s board of directors.

Additionally, the consortium also includes Greg Penner, a shareholder in the Major League Baseball (MLB) team the Colorado Rockies and chairman of Walmart, along with his wife.

Under the terms of the acquisition agreement, Pitchwise will immediately inject €100 million into the club via a convertible loan. This move will dilute the stakes held by existing shareholders, including Meriton Holdings (controlled by the Lim family) and approximately 44,000 supporters who collectively own about 8.5% of the club. The remainder of the stake acquired by Pitchwise was purchased directly from Meriton.

However, reports indicate that the acquisition remains subject to review and approval by the relevant Spanish regulatory authorities.

Peter Lim completed his takeover of Valencia in 2014, rescuing Los Che from a financial crisis fueled by mounting debt.

Although the club enjoyed some initial success—most notably in 2019, when they won the Copa del Rey, finished fourth in La Liga, and reached the semi-finals of the UEFA Europa League, the tenure of Lim, his family members, and the executive chairmen they appointed has been far from pleasant for Valencia. 

The owner's daughter, herself a local Singaporean influencer, even went so far as to declare: "Whether you like it or not, or however much you may hate us. you ridiculous 'supporters' need to understand this: Valencia belongs to the Lim family, now and in the future. We’ll do whatever we please with it. what are you lot going to do about it?!"

Unsurprisingly, such remarks fueled long-standing protests from fans demanding that the family leave their beloved club. In one instance, a Spanish fan, who happened to be vacationing in Singapore, was subsequently reported to the police and faced a lawsuit for merely voicing his displeasure that Lim was ruining Valencia’s future.

Meanwhile, the club has been plagued by internal rifts with players, consistently disappointing results on the pitch, and a complete lack of direction in its management strategy.

Last year, Lim handed over control of Valencia to his son, Kiat Lim. Far from improving, the situation at the La Liga club has continued to worsen.

Image source: Internet / The Athletic