Hicks ends talks with DIC
10 Mar 2008 - 17:44:42
Tom Hicks has confirmed that he will hold no more talks with representatives from Dubai International Capital (DIC) over the possible purchase of a minority stake in Liverpool.
Hicks is reported to be keen to keep his interest in the club while fellow American co-owner George Gillett is apparently open to offers.
It had been thought that DIC would allow Hicks to buy one per cent of Gillett's share giving him a 51 per cent stake in the club.
However, in a statement on the Reds' official website, Hicks said: "Based on a meeting held earlier on Monday in Dubai between my representatives and officials of DIC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in the club.
"DIC made it clear that, if they invested in the club, they would want it to be managed by committee.
"Based on my 13 years of successful experience as an owner of professional sports teams, and based in particular on the situation at Liverpool Football Club over the past year, it is clear to me that such a committee approach would not be in the best interest of the club or of the club's loyal and passionate supporters.
"Accordingly, I have decided to exercise my right under the Kop Football (Holdings) Limited partnership agreement to veto any sale of any portion of Kop and the club to DIC.
"I and my colleagues and representatives will continue to explore a number of other options with regard to the ownership of Kop and the club aimed at achieving an appropriate ownership, financial and organisational structure for Kop and the club over the long term."
Earlier on Monday, DIC had revealed that they were in 'advanced discussions' to buy a stake in the club.
DIC is the private equity investment arm of the Dubai Government and had been expected to complete a takeover at Anfield last year before the American duo stepped in at the 11th hour.