Saudi Arabian sports investment company F6 have confirmed they have reached an agreement with Liverpool to establish a number of football academies in the region, while chairman Prince Faisal bin Fahad bin Abdulla Al Saud also reiterated his desire to buy a 50% stake in the Premier League club.
The deal signed with Reds co-owner George Gillett will seek to set-up two exclusive academies in Saudi Arabia and two in North Africa while also extending the interests of the American's NASCAR franchise Richard Petty Motorsports.
"The memorandum of understanding with George Gillett group will establish an exclusive partnership between F6 group, Liverpool FC and Richard Petty Motorsports team," a statement released by the company read.
"His Highness Prince Faisal stated that the partnership with George Gillett's group will be a good addition to F6. This partnership will provide a lot of investments in football, racing and sports media in Saudi Arabia and the Middle East."
Prince Faisal confirmed the deals were done following Liverpool's 6-1 defeat of Hull City at Anfield on Saturday, a game he attended as a guest of the club.
"We have signed several contracts with Liverpool after visiting the club and attending the match with Hull City in the Premier League," he told Al Riyadh daily newspaper.
"The contracts are basically sports investments, which also include establishing football academies that will definitely help the future of Saudi sports in the future. We will make two academies in Saudi Arabia and two in North Africa."
Prince Faisal also claimed he is closing in on a 50% share of Liverpool for a price of between 200 and 350 million pounds.
"At the moment we are looking forward to acquiring 50 per cent of the club's stake," said the Prince, who is also an honorary member of Saudi football giants Al Hilal. "The deal will be concluded soon and its value will be between 200 and 350 million pounds. If we finalise the deal, it will be something marvellous because Liverpool is one of the best and most famous clubs in England and the whole world."
If the Saudi prince does indeed manage to acquire half the club, it will undoubtedly bolster manager Rafael Benitez's spending power during the January transfer window.