Peter Lim has still not bought the club. Bankia changed the deal again and Lim refused to accept the new conditions.
Summarising for people unfamiliar with the saga:
Valencia owe money to Bankia (a bail-out bank) amongst others. Valencia local government (amongst others) are in the embarrassing position of being part-owners, debtors, creditors and loan guarantors.
Lim offered to buy out the owners including the local authority (covering their debt obligations as he did), buy the loan debt from Bankia (at commercial bad debt purchase rates), build the new stadium and invest in the team.
Bankia rejected that (a bail-out bank can't look that weak) but offered to allow the loans to continue (at full price) if Lim did the other things. Lim, after negotiation, agreed - that was back in June.
Bankia then changed the terms of the deal, so that Lim (and his company) became the loan guarantors rather than the club. Lim, after negotiation, agreed - that was in August.
Bankia then added other conditions, including additional financial guarantees (like the new stadium when built being collateral for their existing loans rather than as collateral for its own building loan) and financial controls - including a say over player transfers.
It's all seemingly being done with the best of intentions: a (quasi)bankrupt bank can't look like it's being soft on a football club. But from a commercial point of view they're actually making it very hard to sell an insolvent business and recoup any money at all.
Suspicions are rife and most Valencia fans are blaming the problems on Bankia. We're already getting rumbles about exactly which Valencian businessmen/politicians may have had a word in Bankia's corporate ear - and why they might prefer to pick up a bankrupt Valencia cheap in a year or so's time.