Dubai’s ruling family have not given up hope of buying a stake in Liverpool despite the club’s co-owner Tom Hicks breaking off negotiations.
The Texan threw the future of the club back into turmoil after he terminated discussions with Dubai International Capital (DIC).
Hicks said he was not prepared to manage the club jointly with DIC “by committee” and vetoed their proposal to buy out 49% of co-owner George Gillett’s 50% stake.
DIC said they had no comment to make, but sources close to the deal say the company, the investment arm of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, are keen to revive a deal.
Hicks’ statement read: “I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop (Holdings) 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 13 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.”
As far as Liverpool are concerned, it is now back to square one with Hicks and Gillett at loggerheads - even more so now the Texan has vetoed the sale - and there are only 17 months until the £350million loan the Americans took out in January has to be refinanced again.
Furthermore, another loan of around £300million will have to be taken out to finance the building of the new stadium at Stanley Park.
The Texan threw the future of the club back into turmoil after he terminated discussions with Dubai International Capital (DIC).
Hicks said he was not prepared to manage the club jointly with DIC “by committee” and vetoed their proposal to buy out 49% of co-owner George Gillett’s 50% stake.
DIC said they had no comment to make, but sources close to the deal say the company, the investment arm of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, are keen to revive a deal.
Hicks’ statement read: “I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop (Holdings) 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 13 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.”
As far as Liverpool are concerned, it is now back to square one with Hicks and Gillett at loggerheads - even more so now the Texan has vetoed the sale - and there are only 17 months until the £350million loan the Americans took out in January has to be refinanced again.
Furthermore, another loan of around £300million will have to be taken out to finance the building of the new stadium at Stanley Park.
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