Liverpool reject Morgan bid

Morgan could still buy into Liverpool

Liverpool have rejected another bid from millionaire businessman Steve Morgan to take control at Anfield.

It is understood a proposed £70m deal had been agreed in principle and chairman David Moores would step down to be replaced by the building tycoon.

The deal stalled when business checks discovered the cost of building Liverpool's new stadium had allegedly risen to more than £100m.

Morgan's revised offer was turned down, but he may still return with a new bid.

The price of the new 55,000-seater stadium in Stanley Park, near to their current Anfield home, was put at £80m, but the figure has risen.

It is believed Morgan was concerned about how his investment would be spent, with the fear that manager Rafael Benitez's transfer budget could be curtailed if money needed to be spent on the new stadium.

Morgan said: "These matters are confidential and it would be inappropriate to say anything.

"However, I will confirm that following recent speculation, new talks between myself and club's advisers have been taking place in recent weeks."