Liverpool co-owners Tom Hicks and George Gillett Jr. rejected Dubai International Capital's bid for the Premier League club Tuesday, The Associated Press has learned.
The 400 million pound (US$800 million) offer for the English club was turned down, a person involved with the negotiations told the AP. He spoke on condition of anonymity because of the sensitivity of the situation.
Hicks "turned down their offer immediately upon receipt,'' the person said, adding the Texan is still willing to allow Gillett to sell 49 percent of his stake as long as Hicks gets the other 1 percent.
Hicks and Gillett have the power to block the other from selling.
"They (DIC) want control but they can't get it,'' the person said.
Gillett, whose relationship with Hicks has reportedly broken down, believes the private-equity investment arm of the Dubai government underestimated the value of his 50 percent stake. He was "low balled,'' the person said.
DIC has given the Americans 24 hours to accept its offer, an executive working on the bid told the AP.
Gillett has been in close contact with DIC in recent weeks after deciding to end his troubled spell at Anfield.
Hicks, however, has said he is committed to retaining his share of Liverpool and can block Gillett from selling his stake. The Texan is also looking into buying all or part of Gillett's equal stake by raising private equity.
The DIC bid was made a day after chief executive Sameer al-Ansari said Hicks and Gillett had "come out of dreamland'' over the worth of the Premier League club.
Hicks and Gillett bought Liverpool for 218.9 million pounds (then US$431 million; ₤333 million) in March 2007. This included an agreement to pay off about 45 million pounds (then US$89 million; ₤68 million) of debt and a pledge to build and finance a new stadium.
Gillett and Hicks refinanced their Liverpool deal with a 350 million pound (then US$682 million; ₤470 million) package from two banks on Jan. 25. But the package left the 18-time English champions with debt of 105 million pounds (then US$205 million; ₤141 million).
The 400 million pound (US$800 million) offer for the English club was turned down, a person involved with the negotiations told the AP. He spoke on condition of anonymity because of the sensitivity of the situation.
Hicks "turned down their offer immediately upon receipt,'' the person said, adding the Texan is still willing to allow Gillett to sell 49 percent of his stake as long as Hicks gets the other 1 percent.
Hicks and Gillett have the power to block the other from selling.
"They (DIC) want control but they can't get it,'' the person said.
Gillett, whose relationship with Hicks has reportedly broken down, believes the private-equity investment arm of the Dubai government underestimated the value of his 50 percent stake. He was "low balled,'' the person said.
DIC has given the Americans 24 hours to accept its offer, an executive working on the bid told the AP.
Gillett has been in close contact with DIC in recent weeks after deciding to end his troubled spell at Anfield.
Hicks, however, has said he is committed to retaining his share of Liverpool and can block Gillett from selling his stake. The Texan is also looking into buying all or part of Gillett's equal stake by raising private equity.
The DIC bid was made a day after chief executive Sameer al-Ansari said Hicks and Gillett had "come out of dreamland'' over the worth of the Premier League club.
Hicks and Gillett bought Liverpool for 218.9 million pounds (then US$431 million; ₤333 million) in March 2007. This included an agreement to pay off about 45 million pounds (then US$89 million; ₤68 million) of debt and a pledge to build and finance a new stadium.
Gillett and Hicks refinanced their Liverpool deal with a 350 million pound (then US$682 million; ₤470 million) package from two banks on Jan. 25. But the package left the 18-time English champions with debt of 105 million pounds (then US$205 million; ₤141 million).
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