Rhone became the first suitor to show their hand when
the New York-based fund management firm, run by billionaires Robert
Agostinelli and Steven Langman, presented their offer to Liverpool
in the early hours of March 13.
It is believed they informed the club they expected to discover
whether their bid had been successful by April 5.
There has been no further contact between the parties and
Telegraph Sport understands that Rhone are not prepared to
extend that deadline.
Though it is believed Rhone's offer met Liverpool's valuation,
it is thought the level of control they hoped to acquire for their
stake as well as the nature of their investment has proved a
stumbling block. Hicks is believed to be particularly resistant to
seeing his stake being decreased.
Rafael Benítez, the Liverpool manager, had met with
representatives of the group to discuss their plans for the club
and it is believed he had kept senior players, including Steven
Gerrard and Fernando Torres – who has been unequivocal in his
demands for Liverpool's owners to back Benítez in the transfer
market this summer – abridged of developments.
That Rhone's deadline – barring an unexpected and unlikely
turnaround in the next 24 hours – will pass with no progress made
will no doubt come as a blow to those attracted by the group's
promise of a £25 million infusion of funds for transfers, but it is
far from the only cause for concern for a club whose immediate
future remains clouded.
On the pitch, Liverpool know they must beat Birmingham at St
Andrews on Sunday to maintain the pressure on Tottenham Hotspur and
Manchester City in the race to qualify for next season's Champions
League. Off it, sadly, matters are far more complicated.
The Royal Bank of Scotland, Liverpool's bankers, have informed
Hicks and Gillett that they must reduce their £237 million debt
burden by £100 million by July if they are to be granted a deal to
refinance their loans.
Christian Purslow, Liverpool's managing director and the man
charged with securing a cash infusion to reduce the debt, has
consistently identified Easter as the time by which he "hoped" to
have a deal agreed with an outside investor to bring an end to the
stagnancy induced at Anfield by the current, unpopular regime and
to enable work to begin again on the long-awaited new stadium on
Stanley Park.
Though sources at the club insist that was more guideline than
deadline, that the holiday period will pass with Liverpool no
closer to securing their financial future will hardly inspire
confidence for Benítez's squad or the club's fans.
Sources at Anfield, though, remain confident of attracting the
required investment "in good time" for the club's loans to be
refinanced.
As many as "six or seven" serious investors were believed to be
looking at matching or bettering Rhone's offer three weeks ago and
noises emanating from the club suggest that as many as two of those
are expected to materialise into firm proposals.
What is not in doubt, though, is that Liverpool are reaching
their end game.
In the next three months, Hicks and Gillett's tenure will almost
certainly reach an end, at least in its present form. More
straightforwardly, defeat at Birminghamon Sunday and against
Benfica in the Europa League second leg on Thursday, and much the
same may be said of Benítez.