The Valencia Foundation's patrons voted for Lim's proposal ahead of other offers from international consortiums offering large cash injections and he takes the 70.4 percent of the shares owned by the club's foundation
Lim has long had designs on owning a top European club and has been linked with a failed to buy Liverpool in 2010.
He has also been linked with potential takeovers of AC Milan, Rangers, and Middlesborough in the past.
Valencia were the last club to break the hegemony of Barcelona and Real Madrid in Spain when they won La Liga in 2002 and 2004 but have debts that are reported to be as much as €300 million (£245m).
The club began work on a new stadium in 2007 but that work had to be halted in 2009 because of their financial problems.
Valencia were Champions League finalists in 2000 and 2001 and won the 2004 UEFA Cup. Their last trophy came in 2008 when they won the Copa del Rey.
Lim though has the potential to inject millions into the club and make them a European power again and according to Forbes has a net worth of $2.4 billion (£1.4bn).
He has exclusive rights to own and operate a chain of Manchester United-themed restaurants and bars in Asia.
Lim, the son of a fishmonger, made his fortune as a stock broker and became a private investor in 1996. He keeps a relatively low profile and rarely gives media interviews.
According to Forbes his fortune recently got a $350 million (£208m) boost after he transformed Kuala Lumpur-listed Rowsley into a real estate play in Malaysia's Iskandar region.
- Sports & Recreation
- La Liga