Liverpool co-owner Hicks ends negotiations with Dubai group
Monday, 10 Mar 2008 22:43
Liverpool co-owner Tom Hicks terminates talks with Dubai group
Liverpool co-owner Tom Hicks has terminated talks with Dubai International Capital (DIC) on the same day the consortium said the talks were moving forward.
The Dubai-based group had been negotiating to buy most of co-owner George Gillett's 50 per cent stake but Hicks ended talks on Monday.
"I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the Club," said Hicks in a statement on the Liverpool website.
"I and my colleagues and representatives will continue to explore a number of other options with regard to the ownership of Kop and the club aimed at achieving an appropriate ownership, financial and organisational structure for Kop and the club over the long term," he added.
Gillett was understood to have agreed in principle to sell 49 per cent of his 50 per cent stake to DIC. He would then sell 1 per cent to Hicks to allow the American to have a controlling interest.
The consortium have accepted that Hicks, co-owner of Kop Football Holdings, will not sell his share in Liverpool in the near future but would insist on a clause giving them first refusal to buy his stake.
"DIC made it clear that if they invested in the club, they would want it to be managed by committee," added Hicks.
"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."
Hicks and Gillett took control of Liverpool in February 2007 in a deal worth £218.9m but their relationship has broken down in recent months.