Tom Hicks last night insisted he would not sell his 50% stake in Liverpool, as a game of brinkmanship developed between the club's American owners and Dubai International Capital, the corporation which would usurp them.
DIC, the investment arm of the Dubai government, is prepared to lodge a formal takeover bid for Liverpool this week having come to doubt the reported determination of George Gillett, Hicks's co-chairman at Anfield, to oust his business partner from the club after 11 troubled months in charge. But the company is adamant it will not pay an inflated price for a club who may be saddled with major debt in the coming days and who still require significant investment for a new stadium.
For their part, and despite frequent public denials, Hicks and Gillett are understood to be receptive to DIC's interest in the entire company, but only for a price that would give them a huge profit on their initial £218.9m investment. It is believed DIC inquired informally whether a £300m bid might be acceptable approximately 10 days ago and were told the Americans were seeking a far greater return. DIC's formal bid for Liverpool would have to be in the region of £350m.
The Dubai company had proposed giving Gillett the financial backing he needs to purchase Hicks's stake in the club, Gillett having been enraged by his co-chairman's admission that they approached Jürgen Klinsmann about Rafael Benítez's job and by the amount of debt the Texan wants to put on to the club's books. But Gillett has not turned his doubts into a direct challenge to Hicks and is close to agreeing to a £350m loan with the Royal Bank of Scotland and US-bank Wachovia.
That would allow the Americans to refinance their original purchase of Liverpool last February, repay loans acquired to buy players in the summer and commence work on a 70,000-seat stadium. That in turn, the Americans believe, would allow them to name a higher price for Liverpool, although DIC doubts whether they can afford the £30m-a-year interest repayments and believes they will have to sell at a later date to avoid financial meltdown.
Until DIC raises its offer or the Americans lower theirs, the stand-off and the instability surrounding Liverpool will continue, though Hicks last night angrily denied reports that a deal to sell the club had already been struck.
"A report issued today claiming that the Liverpool Football Club has been sold to DIC is a complete fabrication," said Hicks in a statement. "I have not received any offer to purchase the club from the DIC or anyone else, much less accepted any such offer. Nor do I have any intention of doing so. The facts are that I and my family have always been, and remain, fully committed to co-owning the club; that no one in my family has ever indicated any intention or desire to sell our stake in the club; and that we expect and intend to be co-owners of the club and to actively and enthusiastically support the club's manager, players and fans for many years to come."
It is a turbulent background against which Liverpool face Aston Villa at Anfield tonight needing a win to break back into the top four, having been overtaken by Everton and Manchester City yesterday.
"Villa are closer to us now, as are Everton and Manchester City, so we know we cannot make any mistakes," said Benítez.
DIC, the investment arm of the Dubai government, is prepared to lodge a formal takeover bid for Liverpool this week having come to doubt the reported determination of George Gillett, Hicks's co-chairman at Anfield, to oust his business partner from the club after 11 troubled months in charge. But the company is adamant it will not pay an inflated price for a club who may be saddled with major debt in the coming days and who still require significant investment for a new stadium.
For their part, and despite frequent public denials, Hicks and Gillett are understood to be receptive to DIC's interest in the entire company, but only for a price that would give them a huge profit on their initial £218.9m investment. It is believed DIC inquired informally whether a £300m bid might be acceptable approximately 10 days ago and were told the Americans were seeking a far greater return. DIC's formal bid for Liverpool would have to be in the region of £350m.
The Dubai company had proposed giving Gillett the financial backing he needs to purchase Hicks's stake in the club, Gillett having been enraged by his co-chairman's admission that they approached Jürgen Klinsmann about Rafael Benítez's job and by the amount of debt the Texan wants to put on to the club's books. But Gillett has not turned his doubts into a direct challenge to Hicks and is close to agreeing to a £350m loan with the Royal Bank of Scotland and US-bank Wachovia.
That would allow the Americans to refinance their original purchase of Liverpool last February, repay loans acquired to buy players in the summer and commence work on a 70,000-seat stadium. That in turn, the Americans believe, would allow them to name a higher price for Liverpool, although DIC doubts whether they can afford the £30m-a-year interest repayments and believes they will have to sell at a later date to avoid financial meltdown.
Until DIC raises its offer or the Americans lower theirs, the stand-off and the instability surrounding Liverpool will continue, though Hicks last night angrily denied reports that a deal to sell the club had already been struck.
"A report issued today claiming that the Liverpool Football Club has been sold to DIC is a complete fabrication," said Hicks in a statement. "I have not received any offer to purchase the club from the DIC or anyone else, much less accepted any such offer. Nor do I have any intention of doing so. The facts are that I and my family have always been, and remain, fully committed to co-owning the club; that no one in my family has ever indicated any intention or desire to sell our stake in the club; and that we expect and intend to be co-owners of the club and to actively and enthusiastically support the club's manager, players and fans for many years to come."
It is a turbulent background against which Liverpool face Aston Villa at Anfield tonight needing a win to break back into the top four, having been overtaken by Everton and Manchester City yesterday.
"Villa are closer to us now, as are Everton and Manchester City, so we know we cannot make any mistakes," said Benítez.
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