The takeover of Liverpool was thrown into confusion when
the club's board met in a London Docklands hotel - ahead of the
game at West Ham - and did not formally accept the bid from Dubai
International Capital.
The board, under chairman and owner David Moores, met to consider
the second bid from George Gillett - the owner of Montreal
Canadians ice hockey team - and it is believed decided they needed
more time to make a decision.
That, though, is expected to be by the end of the week with the
board accepting that they cannot delay a decision any longer, with
the need to start work on the club's new stadium in Stanley Park in
March.
The Liverpool board's lack of a decisive move has surprised DIC,
who have completed due diligence and want to make their formal bid,
via the Stock Exchange, for Moores' 51.6% majority shareholding
early next week. They believed Moores was in favour of a bid which
would have given the club's chairman £80million at £4,500 a
share.
Gillett's original offer had been rejected before Christmas, but
last week he submitted a new offer by letter to Moores which in
effect upped the bid to give Moores £88million for his
holding.
It is believed there are other board members - including
representatives from Granada, who own 10% of the club - who also
want to think again about Gillett's terms. A DIC source said: "We
have worked very hard over a long period with Liverpool to come up
with the best possible offer for shareholders and for the long term
of the club. "Our deal is not just about buying some shares, it is
about financing the stadium, getting the stadium built and making
money available for players.
"We hope to make our formal offer very soon, and think it is an
offer for everyone, not least one the supporters will be happy
with." Whether Moores has had a change of heart is uncertain, but
DIC believed he supported their bid because it took into account
the plans drawn up for the regeneration of the Anfield area and the
fact the stadium would not be shared with Everton.
But Gillett is believed to favour reopening that debate, and if
that happens it would effect carefully constructed planning
applications. DIC were expected to have leading officials at
Anfield on Saturday for the Mersey derby with Everton, where the
deal would have been confirmed.
An announcement to the Stock Exchange next week would have paved
the way to a complete buy-out. Only last week Liverpool sources
talked of concluding a deal with DIC "within weeks" and that
Gillett's own legally allowed due diligence "didn't really matter,"
and the club "would continue to work with DIC."
Moores, it was believed, had reached agreement with DIC - the
investment arm of the Dubai government - on a deal which would see
them purchase shares for around £155million, assume £80million of
debt and fund a new 60,000-seater stadium.
In the end, with Moores holding the majority holding, it is only
his decision which will decide the future of the club - and
Liverpool fans will now await that decision with interest.
