The deal to take over the image rights of Portuguese world player of the year Ronaldo, except those held by Real Madrid, takes Lim into the field of sports marketing.
"Peter has a valuable and extensive business network and I have always admired Peter's entrepreneurial savvy and his ability to grow businesses," Ronaldo said in a statement.
"He is also a good friend whom I have known for a while. I believe he will be a good partner and add good value for my brand."
It marked another step into the football world for Lim, who bought Spanish La Liga club Valencia last year and is part owner of Salford City along with Manchester United's "Class of 92".
He has other football-related business interests through his investment companies.
Image credit: Eurosport
It sounds like a dramatic act from Ronaldo, selling his own image rights, but this is modern football and it's all a question of getting the best deal for the player's 'brand'. It may not be a story which excites fans, but this just shows how far the cult of the sporting superstar has gone with players able to cash in on their own image in cruder ways than ever before. The fact that the Real Madrid star refers to the "Cristiano Ronaldo brand" in his own Facebook post says it all, really.