The Dubai International Capital investment group have pulled out
of a proposed takeover of Liverpool.
The group, owned by the Dubai government, had been examining the
club's books with a view to a £156million buy-out.
And their decision to withdraw follows the failure of the Liverpool
board to accept the offer last night, following a rival bid by
American billionaire George Gillett.
A statement read: 'Dubai International Capital LLC today announces
that it has decided to end negotiations with Liverpool FC &
Athletic Grounds plc about a possible investment in the club.
'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.'
The news prolongs Liverpool's long search for the outside
investment they believe they need to compete at the top end of the
Premiership and in Europe.
DIC had been their most likely suitor and entered into discussions
with the club late last year.
The deal would have valued the club at £450million but the Dubai
group have decided to withdraw following the board's decision to
allow more time to consider the Gillett bid.
Gillett, owner of the Montreal Canadiens ice hockey team, has
proposed a deal which is thought to offer shareholders more for
their holdings.
Sameer Al Ansari, executive chairman and chief executive officer of
DIC, said: 'We are very disappointed to be making this
announcement. DIC are a serious investor with considerable
resources at our disposal.
'At the same time, we are supporters of the game and of the club.
Liverpool's investment requirements have been well publicised and,
after a huge amount of work, we proposed a deal that would provide
the club with the funds it needs, both on and off the pitch.
'We were also prepared to offer shareholders a significant premium
on the market price of the shares. However, we will not overpay for
assets.'
He added: 'Liverpool is the most successful football club in
English football history.
'It exists to win things for its supporters. It deserves to be in
the hands of people who support it, who understand its history and
legend and who share the enthusiasm and passion of its fans.
'As businessmen, we move on. As fans, we hope that the new owners
would share the same vision as we had for LFC and, of course, in
realising the new stadium that is so badly needed to ensure the
club can continue to compete at the highest level in the
Premiership and Europe.
'I am sure I will be back at Anfield with my family soon to support
my team, as I have done so in the last 30-plus years.
'In the meantime, I wish the manager, the players and everyone
connected with the club the best of fortune for the challenges
ahead and will make sure that I am there the day they lift the
Premiership trophy.'
He added: 'Liverpool is the most successful football club in
English football history.
'It exists to win things for its supporters. It deserves to be in
the hands of people who support it, who understand its history and
legend and who share the enthusiasm and passion of its fans.
'As businessmen, we move on. As fans, we hope that the new owners
would share the same vision as we had for LFC and, of course, in
realising the new stadium that is so badly needed to ensure the
club can continue to compete at the highest level in the
Premiership and Europe.
'I am sure I will be back at Anfield with my family soon to support
my team, as I have done so in the last 30-plus years.
'In the meantime, I wish the manager, the players and everyone
connected with the club the best of fortune for the challenges
ahead and will make sure that I am there the day they lift the
Premiership trophy.'
Liverpool, who also need finance to fund their proposed new
£180million on Stanley Park, have been linked with a number of
takeovers in recent years.
Former Thailand prime minister Thaksin Shinawatra made a
high-profile bid in 2004 and another American billionaire, New
England Patriots owner Robert Kraft, also met with club
officials.
