LIVERPOOL could still end up in the hands of Dubai – despite Dubai International Capital's insistence that it is no longer pursuing a deal to buy the club.
DIC – the investment arm of the Dubai government – put out an official statement yesterday denying it is ready to launch a fresh bid for the Reds or a new one for Newcastle United.
But it has been several months since DIC were leading the Dubai bid for Liverpool, with Sheikh Mohammed bin Rashid Al Maktoum having made acquiring the Anfield club a personal rather than a government venture.
DIC are out of the picture because – as Dubai’s investment arm – they must always make a return on any purchases. Liverpool’s troubled financial situation means that is now a pledge DIC can no longer realistically make.
An offer from Dubai remains on the table, but owners Tom Hicks and George Gillett are currently refusing to do a deal.
The Americans claim publicly that they are not interested in selling, but sources close to the situation insist they will cash in – but only if they walk away with around £100m in profit each.
That is a price which Dubai are not prepared to pay.
Dubai's determination to buy the club has not diminished but unless the expectations of Hicks and Gillett are reduced they are prepared to walk away.
It was today reported that Hicks made an approach to Abu Dhabi prior to the cash rich Middle Eastern city buying Manchester City, but that was rebuffed. It is not clear whether Hicks was trying to sell the whole club to the Emirate or was offering a minority share but he did make an unsuccessful attempt to secure investment from them.
The Texan has also made at least one more approach to another potential investor, but that has also so far come to nothing.
Hicks has good reason to seek investment, with just four months to go before the £350m loan secured against the club is due to be refinanced and borrowing has become even more fraught with difficulty.
Financial experts believe the bombshell that hit the US stock markets and banking industry yesterday will make the effects of the current credit crunch even greater, and longer lasting, with opportunities to borrow being further reduced.
The situation is further complicated by the fact that shares in American investment bank Wachovia were among the hardest hit in yesterday's stock market nosedive.
Shares in Wachovia - the fourth largest US bank - fell by 22% in the day as investors’ anxiety about the American financial sector and banks in particular hit the stock market.
Wachovia were involved in the last refinancing deal secured by Hicks and Gillett, along with the Royal Bank of Scotland, who loaned the Americans the bulk of the cash.
Should Wachovia Bank require new capital it is a possibility that they could call in some of their existing major loans.
DIC – the investment arm of the Dubai government – put out an official statement yesterday denying it is ready to launch a fresh bid for the Reds or a new one for Newcastle United.
But it has been several months since DIC were leading the Dubai bid for Liverpool, with Sheikh Mohammed bin Rashid Al Maktoum having made acquiring the Anfield club a personal rather than a government venture.
DIC are out of the picture because – as Dubai’s investment arm – they must always make a return on any purchases. Liverpool’s troubled financial situation means that is now a pledge DIC can no longer realistically make.
An offer from Dubai remains on the table, but owners Tom Hicks and George Gillett are currently refusing to do a deal.
The Americans claim publicly that they are not interested in selling, but sources close to the situation insist they will cash in – but only if they walk away with around £100m in profit each.
That is a price which Dubai are not prepared to pay.
Dubai's determination to buy the club has not diminished but unless the expectations of Hicks and Gillett are reduced they are prepared to walk away.
It was today reported that Hicks made an approach to Abu Dhabi prior to the cash rich Middle Eastern city buying Manchester City, but that was rebuffed. It is not clear whether Hicks was trying to sell the whole club to the Emirate or was offering a minority share but he did make an unsuccessful attempt to secure investment from them.
The Texan has also made at least one more approach to another potential investor, but that has also so far come to nothing.
Hicks has good reason to seek investment, with just four months to go before the £350m loan secured against the club is due to be refinanced and borrowing has become even more fraught with difficulty.
Financial experts believe the bombshell that hit the US stock markets and banking industry yesterday will make the effects of the current credit crunch even greater, and longer lasting, with opportunities to borrow being further reduced.
The situation is further complicated by the fact that shares in American investment bank Wachovia were among the hardest hit in yesterday's stock market nosedive.
Shares in Wachovia - the fourth largest US bank - fell by 22% in the day as investors’ anxiety about the American financial sector and banks in particular hit the stock market.
Wachovia were involved in the last refinancing deal secured by Hicks and Gillett, along with the Royal Bank of Scotland, who loaned the Americans the bulk of the cash.
Should Wachovia Bank require new capital it is a possibility that they could call in some of their existing major loans.
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