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Post by Deleted on Jan 31, 2007 12:22:24 GMT -5
Dubai International Capital has pulled out of proposed takeover of Liverpool. The announcement follows the failure of the club's board to formally accept DIC's bid in the wake of a second offer from American George Gillett.
DIC claimed the offer had been accepted in principle by majority shareholder David Moores but they were unable to make a formal offer to shareholders.
DIC chief executive Sameer Al Ansari said the group was disappointed but added: "We won't overpay for assets."
DIC had been their most likely suitor and entered into discussions with the club late last year with Sheikh Mohammed the central figure in the investment arm of Dubai's government.
The deal would have valued the club at £450m but the Dubai group have decided to withdraw following the board's decision to allow more time to consider the Gillett bid.
That offer would give shareholders more for their holdings and Moores, who owns 51.6% of the club, would get £8m more from the Gillett deal.
Gillett has already carried out due diligence - the process of investigation by potential investors -so the way is now open for him to make his offer for the club.
Sameer Al Ansari added: "We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.
"At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.
"We were also prepared to offer shareholders a significant premium on the market price of the shares.
"As businessmen, we move on. As fans, we hope that the new owners would share the same vision as we had for LFC and, of course, in realising the new stadium that is so badly needed to ensure the club can continue to compete at the highest level in the Premiership and Europe."
BBC sports editor Mihir Bose told BBC Radio Five Live that he believed Sheikh Mohammed was angry with Liverpool's courting of tycoon Gillett who is expected to make a revised takeover bid.
Bose said: "Mohammed is a very angry man and that is why he has pulled out. He was given assurances by Liverpool that they would go with them but the talk of other offers has unsettled him and he has pulled out.
"DIC saw this as business enterprise but Gillett has told Liverpool that they are a sports franchise and they know how to run sports operations.
"With Gillett it won't be like an Roman Abramovich deep pockets scenario."
Liverpool, who also need finance to fund their proposed new stadium £180m on Stanley Park, have been linked with a number of takeovers in recent years.
Former Thailand prime minister Thaksin Shinawatra made a high-profile bid in 2004 and another American billionaire, New England Patriots owner Robert Kraft, also met with club officials.
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Post by Rattleduser on Feb 3, 2007 10:41:05 GMT -5
just hope the Reds have not thrown away a good oportunity
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Post by mape on Feb 7, 2007 0:17:29 GMT -5
looks like George Gillett and Tom Hicks might takeover now
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Post by Deleted on Feb 7, 2007 8:29:40 GMT -5
Parry allays fans' takeover fears
Liverpool chief executive Rick Parry has moved to appease fans concerned by some comments made by new joint-owner George Gillett. Gillett, who has bought the club with fellow American tycoon Tom Hicks, called the Merseysiders a "franchise" and "Liverpool Reds".
"George maybe made that mistake a couple of times," Parry told BBC Radio Four's Today programme.
"If I went over there I might make the odd linguistic mistake."
Parry also insisted the American takeover of the club was essential for the club to compete for honours.
"It's been well known for three years we have been seeking investment.
"Without it we would not be able to build a new stadium or be competitive.
"Above all, what our supporters want is silverware and investment is vital to take that next step. The message is clear that this is the path to success.
"I don't know if it's about being the biggest. It's about being the best and winning silverware. I believe we can do that."
Gillett and Hicks have bought the club outright with no borrowing secured against the club.
They have already stated their desire to start quickly on the building of a new stadium and funds are expected to be made for Rafael Benitez to strengthen the team during the summer.
Gillett was rebuffed in his initial attempts to buy the Anfield outfit but Parry says the arrival of Hicks as a backer to support the deal was the key to the duo getting the green light.
Parry said: "The masterstroke George pulled off was to bring in Tom Hicks as his partner which had the effect of transforming his proposal, making it much stronger and much more compelling."
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