Dubai International Capital to 'own half of LFC within a month'

Feb 26 2008

lfc protest

DUBAI International Capital may own at least half of Liverpool Football Club within the next three weeks.

After months of negotiations George Gillett has reportedly indicated a willingness to sell his 50% stake in the club and a fee is believed to have been agreed.

A specialist team of bankers and solicitors have been put in place by the investment arm of the Dubai government as it awaits permission to study the club's books.

That permission is expected to be granted in the next couple of days and should everything be found to be in order, DIC could complete the deal with Gillett, who is ready to relinquish his stake having had a massive fall-out with Reds co-owner Tom Hicks.

The relationship between the two Americans has reached an all-time low and Gillett believes it is now beyond repair.

Hicks, though, is not prepared to give up his stake in Liverpool and DIC are prepared to enter into shared ownership with the Texan, in the short term at least.

Hicks has expressed a desire to retain control of the club but DIC are not interested in being a silent partner and want to start making decisions regarding the club's future as and when they complete the proposed deal with Gillett.

Hicks had tried to secure the funding to buy Gillett but with the credit crunch biting hard has been unable to do so and is now resigned to the fact he is likely to have a new partner shortly.

DIC are also looking to buy part of Hicks' stake as they look to secure a majority shareholding in the club, which they tried to buy outright last year.

Despite losing out to the Americans in February 2007, their interest has never faded and they have now successfully negotiated themselves a position which could see them take part-ownership by mid-March.

Should that happen, it would, in all likelihood, be greeted with enthusiasm by Liverpool's fans after a series of protests against Hicks and Gillett.