Liverpool takeover: Peter Lim increases offer and promises £40m for new players

12 October 2010 12:15
On the day when Liverpool chairman Martin Broughton went to the High Court to face a challenge from current owner Tom Hicks over the proposed sale to NESV, Lim's announcement adds further intrigue to an ever deepening drama.[LNB]The entire bid would be funded by Lim's own personal wealth and would wipe out all existing debt currently held by the troubled Premier League club. The offer is Lim's second, increased, bid for the club.[LNB] Related ArticlesLiverpool judgement on Wednesday morningHenry reassures Liverpool fans over takeoverLiverpool go to the High CourtUnited fan could take over LiverpoolThe battle for AnfieldNESV could walk away from Liverpool dealLim would thus not be forced to obtain any financing for the offer, drawing instead on his own cash resources.[LNB]'I respect and admire Liverpool Football Club, which is steeped in tradition and history,' said Lim in an official statement.[LNB]'I am committed to rebuild the Club so that it can soon regain its position at the pinnacle of English and European football, where it truly belongs. This is why I have stepped forward with this offer.[LNB]'I believe that if its massive debt burden can be removed, the Club would be able to focus on improving its performance on the pitch.[LNB]'My offer pays off the existing owners' bank acquisition debt and also frees the Club of its own bank debt. If the Board accepts this offer, the monies are available immediately thereby removing the threat of administration.[LNB]'The Club needs to strengthen its existing squad. As part of this offer, I will be injecting £40m in cash into the Club for Roy Hodgson to bring in new players during the upcoming transfer window. Liverpool needs to start winning again![LNB]'My offer provides a firm financial platform from which the club can rebuild. Given the manner in which the sale process has been handled, I feel Martin and the Board owe it to me, to the Club, and to the supporters, to consider my offer'.[LNB]

Source: Telegraph