full disclosure
Miguel Zorío, once vice president of Valencia CF, described an ongoing probe by the Economic Crimes Prosecutor’s Office. The investigation centers on four individuals alleged to have mismanaged Valencia CF: Peter Lim, Jorge Mendes, Layhoon Chan, and Amadeo Salvo.
A spokesperson for Marea Valencianista indicated that this marks the first time Peter Lim is charged and investigated as the de facto manager of Valencia CF and Meriton Holdings, with the prosecutor’s file detailing the opening of preliminary proceedings.
Miguel Zorío is pressing for scrutiny by the district attorney into Peter Lim, Jorge Mendes, Layhoon Chan, and Amadeo Salvo, alleging actions that drained Valencia CF financially.
- Mistreatment by the Economic Crimes Prosecutor’s Office is set to explore an accounting irregularity tied to a 35 million euro swap within Clessen-Net.
- Also under review are transfer dealings during Meriton’s involvement, with Amadeo Salvo having taken club presidency during that period.
- The situation is described as a quartet responsible for unfair management, with high player prices facilitated, directly or through mutual funds or clubs tied to Jorge Mendes and partners of Peter Lim.
- Peter Lim and key associates are being examined for corruption and unfair management that could hurt Valencia CF shareholders and the Valencia CF Foundation.
- Peter Lim has been identified as the de facto manager of Meriton and Valencia CF.
- Investigations may also extend to FC Barcelona, Benfica, and other entities linked to the case.
The Valencia Economic Crimes Prosecutor has ordered a preliminary investigation into four individuals alleged to have mismanaged Valencia CF: Peter Lim, Jorge Mendes, Layhoon Chan, and Amadeo Salvo. Findings from Miguel Zorío’s investigation suggest possible corporate offenses, accounting irregularities, and crimes against private entities and public finances. The prosecutor has six months to deepen the inquiry, gather more evidence, hear testimony, and determine whether Lim and his associates should face charges on the bench.
The prosecutor’s decision to initiate pre-trial proceedings is outlined as follows: Peter Lim faces charges as the de facto manager of Valencia CF and Meriton Holdings, marking a notable moment in Spanish penal code proceedings. This development is described as reducing the ability to hide behind club presidents of the era and assigning primary responsibility for the club’s economic, sporting, and social drain to Lim, according to Miguel Zorío.
Younger readers will recall that Miguel Zorío, a former Valencia CF vice-president, filed a complaint with the Valencia Anti-Corruption and Economic Crimes Prosecutor’s Office on January 30, 2023. The filing, a detailed 29-page document, named Peter Lim, Amadeo Salvo, Layhoon, Jorge Mendes, and others in alleged serious crimes ranging from wrongful accounting and embezzlement to unfair administration and corruption among individuals, described as corporate crimes tied to Lim’s circle.
The report also highlights concerns over off-market player transfers between Barcelona and Valencia CF, where Neto and Clessen were sold at non-market prices to shield Lim from a potential loss exceeding 30 million euros on Valencia’s income statement. Similar accounting tactics were noted as those reportedly used by Barcelona’s managers, drawing parallels to prior disciplinary actions at Juventus. Alleged crimes include fictitious capital gains, miscalculation, market manipulation, and fraudulent tax returns, with both Valencia CF and Barcelona accused of avoiding losses by circumventing financial oversight.
The second major accusation centers on player trading under Lim. Valencia CF allegedly spent 211 million euros on players in a single year, a sum compared to top clubs such as Chelsea or PSG. Approximately 35 million euros of signatures by Cancelo, André Gomes, Enzo Pérez, and Rodrigo were said to have flowed through agents, with Benfica possibly benefiting through documents filed with the Lisbon Stock Exchange. This would have allowed Benfica to avert financial distress while Valencia CF bore the cost, allegedly aided by Lim and Mendes’ associates.
Documents presented to the prosecutor indicate that players Rodrigo and André Gomes were acquired by Meriton Capital Ltd from Benfica, then sold to Valencia CF. Rodrigo was priced at 30 million euros plus variable terms, while Gomes stood at 15 million euros, with Benfica retaining a significant portion of future sales. It is claimed that only a fraction reached Benfica, and substantial sums were reported as transfers and related expenses that affected Valencia CF’s books.
The case also notes the involvement of mutual funds and clubs linked to Mendes, including entities connected to Benfica Stars Fund or Quality Sports Investments, in arrangements framed as unfair administration and corruption among individuals. These actions allegedly occurred with the knowledge and at the direction of Valencia CF’s leadership and the de facto supervision of Peter Lim.
Additionally, the prosecution is expected to examine the damages inflicted on Valencia CF and the club’s Foundation during share acquisitions favored by Amadeo Salvo to Peter Lim. The purchase price is cited as evidence of potential wrongdoing, with claims that the asset was undervalued by the league’s oversight body at the time. It is also suggested that such purchases may have been financed by the high prices paid for players during the Lim era, with a reported turnover exceeding 1 billion euros in the player market controlled by the club.
In closing, the prosecutor’s office announced its intent to pursue the involved individuals. Upon request, evidence such as bank statements, transfer documents, player contracts, agency agreements, and official assessments will be sought. The aim is to establish accountability and determine the true extent of the management practices under review. The speaker also called on Valencian institutions and the Players Association to cooperate fully, emphasizing that the club, its supporters, and the broader Valencian community deserve transparency and justice. This development is viewed by supporters as a turning point in safeguarding Valencia CF from ongoing financial mismanagement and as a catalyst for reform across the organization.
Valencian supporters are urged to stay vigilant and united. The pursuit of accountability continues, with the hope that Valencia CF can be restored to sound financial health and sporting competitiveness under a framework of strict oversight and lawful governance.