Reds' Dubai deal hits rocks
31 Jan 2007 - 17:03:06
The Dubai International Capital investment group has pulled out of a proposed takeover of Liverpool.
The Dubai government owned group had been expected to complete a £450million buyout of the Anfield club which would have reportedly handed manager Rafa Benitez a huge transfer kitty.
The deal was also expected to fund the building of a new 60,000-seater stadium.
But following the decision of the Liverpool board to consider their options in light of a rival bid launched by American billionaire George Gillett, DIC has decided to end its interest in the Merseyside club.
Gillett is owner of the Montreal Canadiens ice hockey team and now looks favourite to complete a takeover.
"Dubai International Capital LLC announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club," read a statement.
"Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.
"The offer had been accepted in principle by majority shareholder, David Moores.
"It appears that the Liverpool board and the majority shareholder, David Moores, were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."