Tom Hicks pulls the plug on talks with DIC

Mar 10 2008 by David Higgerson, icNorthWest

LIVERPOOL FC co-owner Tom Hicks has terminated discussions with Dubai International Capital about a possible purchase of a stake in the club.

Hicks said that during a meeting in Dubai between his representatives and those of DIC it had become clear the company wanted to manage the club by committee.

It comes after DIC had come to an agreement in principle with co-owner George Gillett to buy 49% of his stake with Hicks acquiring the other 1%.

Earlier today DIC had issued a statement intended to make clear that no legal agreement had been reached.

DIC’s statement said: “Dubai International Capital confirms that it is in advanced discussions with the co-owners of LFC but that no agreement has been reached on price or shareholding percentage.”

Hicks today said: “Based on a meeting held earlier today in Dubai between my representatives and officials of Dubai International Capital LLC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the Club.

“DIC made it clear that if they invested in the Club, they would want it to be managed by committee.

“Based on my thirteen years of successful experience as an owner of professional sports teams, and based in particular on the situation at Liverpool Football Club over the past year, it is clear to me that such a committee approach would not be in the best interest of Kop, of the Club or of the Club’s loyal and passionate supporters.

“Accordingly, I have decided to exercise my right under the Kop Football (Holdings) Limited partnership agreement to veto any sale of any portion of Kop and the Club to DIC.

“I and my colleagues and representatives will continue to explore a number of other options with regard to the ownership of Kop and the Club aimed at achieving an appropriate ownership, financial and organisational structure for Kop and the Club over the long term.”