Valencia CF said it has appointed Kiat Lim—son of the Spanish football club’s largest shareholder, billionaire Peter Lim—as its new president, affirming the Singaporean tycoon’s commitment to the club.

News of the appointment comes hours after Lim’s investment vehicle, Meriton Holdings, dismissed rumors that he was planning to sell Valencia. Kiat Lim, who has been a club director since 2022, will replace Layhoon Chan, who has held the role of president in the past three years, the club announced on Monday.

“I am pleased to pass the baton to Kiat Lim, who is the son of our major shareholder,” Chan said in the statement. “This appointment is a strong affirmation of the shareholder’s ongoing commitment to the club and its future.”

Spanish broadcaster COPE recently reported that Lim was considering selling the team for €400 million ($419 million). “Meriton wants to make it clear that such reports are false,” the company said in a separate statement. “Valencia CF is not for sale and Meriton remains committed to Valencia CF.”

Meriton bought the club for €420 million in 2014. Of that, €200 million went toward paying off debt, while €170 million was set aside to complete the new stadium, Nou Mestalla.

The club’s burgeoning debt has stalled the new stadium’s construction for years. However, Valencia said that work had begun in January, with the project expected to be completed by 2027. This comes after securing a €186 million loan last November to restructure its finances.

Kiat Lim is also the executive vice-chairman of Singapore-listed Thomson Medical Group, which is expanding beyond its core Singapore and Malaysian markets. In 2023, he led the acquisition of Vietnamese hospital operator Far East Medical Vietnam for up to $381 million.

The elder Lim—who has a real-time net worth of $1.6 billion according to Forbes’—was a former stockbroker. He turned a $1.5 billion windfall from the sale of his stake in palm oil giant Wilmar International more than a decade ago into a multibillion-dollar portfolio spanning education, healthcare, real estate, and sports.