Dubai prepared to take minority stake in Liverpool FC

Mar 7 2008

DUBAI International Capital (DIC) last night indicated it was willing to accept a minority share in Liverpool FC.

DIC is attempting to buy out co-owner George Gillett, and is understood to be encouraged by claims that fellow owner Tom Hicks has agreed not to block the sale.

Hicks wants to become a majority shareholder, acquiring 1% of Gillett’s shareholding while DIC is understood to be “happy” to buy up his remaining 49% share. But a source close to negotiations said DIC was becoming increasingly frustrated at Gillett’s unwillingness to accept a profit of between £40m and £80m for his half share. Meanwhile, Hicks is expected in London early next week to discuss the future of Liverpool with DIC.

He is believed to have assured Amanda Staveley, DIC’s chief negotiator in the UK, that he will be prepared to talk business at the same time as Liverpool will be in Italy preparing for their Champions League showdown with Inter Milan.

By the time Liverpool return, the future ownership of the club could be known – and a DIC source said: “We are in the end zone.”

DIC is the financial arm of Dubai’s ruler, Sheikh Mohammed Al Maktoum, and Staveley reports directly to him and chief executive Sameer Al Ansari – a lifelong Liverpool fan who has been the driving force behind two attempts to buy the club.

DIC has been encouraged by claims that Hicks has now agreed not to block the sale of his co-owner George Gillett’s 50% holding.

Hicks has also intimated he is still not prepared to sell any of his stake – but DIC appears prepared to go with that suggestion, for now at least.

The source said: “To accommodate a deal, DIC, within reason, would accept certain agreements.”

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“It looks as if we are in the home straight. A deal involving both parties could be imminent.”

After a week of constant cross-Atlantic negotiations through Staveley, lawyers and accountants, DIC are confident they will eventually control Liverpool.

It is also believed that Gillett, who has wanted “out” for some while, is not willing to sell a small percentage of his stake to Hicks.

DIC dispatched a representative to Anfield on Wednesday night to watch the Barclays Premier League match against West Ham from the Kop - where he was able to judge the mood of fans and hold general discussions with members of the “Spirit of Shankly” group who have been campaigning for the end of the Americans’ rule at Anfield.