Arabs back in frame for Liverpool FC move

Jan 14 2008 by Alan Weston, Liverpool Daily Post

FRESH rumours were circulating last night that an Arab investment group is poised to swoop on Liverpool FC if the club’s American owners continue to experience difficulties in refinancing £350m of debt.

It is understood Dubai Inter- national Capital (DIC) are close to lodging an offer to buy out Tom Hicks and George Gillett, probably for about £500m.

If correct, it would be a remarkable turnaround for DIC, owned by Dubai ruler Sheikh Mohammed, who were bid rivals at the time Hicks and Gillett bought the club a year ago, and shows they have not given up hope of taking control at Anfield.

But the rumours – which could see Liverpool FC changing hands for the second time in a year – were strongly denied by sources at the club.

It is understood the US pair have been attempting to trans-fer the debt used to buy the club, for which they are per- sonally liable and which is due to be repaid at the end of February, on to the club itself but have encountered difficul- ties because of the current global credit squeeze.

If DIC is successful, it is claimed, the outfit led by Liverpool supporter Sameer Al Ansari would invest heavily in the new stadium at Stanley Park and the playing squad.

DIC were extremely close to buying Liverpool last February, only to lose when Hicks and Gillett joined forces.

The latter paid £174.1m for a 100% shareholding, also agreeing to take on the club’s then debt of £44.8m. The purchase, however, was funded solely with borrowed money. Hicks and Gillett’s loan from the Royal Bank of Scotland swelled to £350m as it was used to fund several high-profile summer transfers, development work and architect’s plans for the 60,000-seat stadium in Stanley Park.

Hicks and Gillett declined to comment last night.

A meeting in New York last week saw architects HKS and AFL present new competing stadium designs, seen as vital for the club to increase revenue to allow it to compete with Man Utd and Arsenal.

But an expected decision at the end of last week has been delayed for around two weeks.

Middle East sources say DIC remain keenly interested in buying Liverpool.

SPORT: P32 & POST MATCH

alanweston