Liverpool are on the verge of agreeing to a takeover by one of the world's
richest men in a move that would set the Merseyside club back on the road to
being a football superpower.
The club have confirmed they have given exclusive rights to Dubai
International Capital (DIC) - a firm owned by the fabulously-wealthy Sheikh
Mohammed bin Rashid al-Maktoum, the ruler of Dubai - to launch a takeover bid.
Liverpool chief executive Rick Parry said the takeover holds the key to the
club's new stadium and being able to compete with the richest clubs in the
world.
DIC have been given permission to conduct due diligence - to have their
lawyers and accountants examine the club's accounts in detail - and are expected
to submit a formal offer soon after Christmas.
The offer is expected to be for a total of £450million - £170million for a
controlling stake in the club, £80million to cover existing debts and
£200million to go towards a new stadium in Stanley Park.
Parry said: 'This is the latest step on the road of finding the long-term
investment that the club needs.
'DIC is a potential investor with the resources and philosophy that we
believe could make them an ideal partner.
'Already they have demonstrated a full understanding of, and respect for, the
club's heritage and values.
'We also believe they share our passion for success. In particular, DIC
believes in investing in the businesses it acquires. This is very important in
terms of the proposed new stadium, which is key to plans for the regeneration of
the local community.
'On the pitch, Liverpool remains focused on winning and, here again, this is
all about doing a deal that gives us the long-term resources to do that.'
DIC's chief executive Sameer Al Ansari is a Liverpool fan who has been to
matches on a number of occasions. He could possibly replace David Moores as club
chairman, though it is thought Parry would remain as chief executive and Moores
retain a senior position within the club.
Al Ansari said in a statement: 'DIC has a strong track record as a very
serious investor with considerable resources at its disposal. At the same time,
we are supporters - of the game and of the club.
'Liverpool's investment requirements have been well publicised and we hope we
can agree a deal that will provide the club with the funds it needs, both on and
off the pitch.'
DIC are one of half a dozen private equity firms buying up investments around
the world on behalf of Dubai Holdings, which is owned by Sheikh Mohammed, who is
also vice-president of the United Arab Emirates.
DIC recently bought Madame Tussauds for £750million and the Travelodge hotel
chain.
The new stadium and injection of cash would see Liverpool be able to compete
with Manchester United, Chelsea and Arsenal, who this season moved to the new
60,000-capacity Emirates stadium - Anfield's capacity is only 44,000.
Liverpool would now have the finances to move to a 60,000-capacity new stadium
in Stanley Park.
Moores has conceded the only way to achieve the club's aim is to sell. He owns
51% of Liverpool and has always wanted to retain control and encourage investors
to buy into the current set-up.
Sheikh Mohammed's fortune dwarfs that of Chelsea owner Roman Abramovich - he
is thought to be the fifth richest person in the world with a fortune of
£5billion.
Manchester United, Chelsea, Portsmouth, Aston Villa, and most recently West
Ham are the other Premiership clubs who have been taken over by foreign owners.
The lure of the £1.7billion 2007-2010 Premiership TV rights deal agreed with
BSkyB and Setanta Sports is proving irresistible - it is comfortably twice the
revenue from TV rights of any other country in the world.
