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Last Updated: Wednesday, 31 January 2007, 16:01 GMT
Consortium pulls out of Reds bid
Liverpool
Dubai International Capital has ended its interest in taking over Liverpool.

The announcement follows the failure of the club's board to formally accept DIC's bid in the wake of a second offer from American George Gillett.

DIC claimed the offer had been accepted in principle by majority shareholder David Moores but it was unable to make a formal offer to shareholders.

Chief executive Sameer Al Ansari said the DIC group was disappointed but added: "We won't overpay for assets."

DIC had been their most likely suitor and entered into discussions with the club late last year with Sheikh Mohammed the central figure in the investment arm of Dubai's government.

The deal would have valued the club at 450m but the Dubai group has decided to withdraw following the board's decision to allow more time to consider the Gillett bid.

As fans, we hope that the new owners would share the same vision as we had for Liverpool

DIC chief executive Sameer Al Ansari

That offer would give shareholders more for their holdings and Moores, who owns 51.6% of the club, would get 8m more from the Gillett deal.

Gillett has already carried out due diligence - the process of investigation by potential investors -so the way is now open for him to make his offer for the club.

Sameer Al Ansari added: "We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.

"At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.

"We were also prepared to offer shareholders a significant premium on the market price of the shares.

"As businessmen, we move on. As fans, we hope that the new owners would share the same vision as we had for LFC and, of course, in realising the new stadium that is so badly needed to ensure the club can continue to compete at the highest level in the Premiership and Europe."

Sheikh Mohammed is a very angry man and that is why he has pulled out

BBC sports editor Mihir Bose

BBC sports editor Mihir Bose told BBC Radio Five Live that he believed Sheikh Mohammed was angry with Liverpool's courting of tycoon Gillett who is expected to make a revised takeover bid.

Bose said: "Sheikh Mohammed is a very angry man and that is why he has pulled out. He was given assurances by Liverpool that they would go with them but the talk of other offers has unsettled him and he has pulled out.

"DIC saw this as business enterprise but Gillett has told Liverpool that they are a sports franchise and they know how to run sports operations.

"With Gillett it won't be like an Roman Abramovich deep pockets scenario."

Liverpool, who also need finance to fund their proposed new stadium 180m on Stanley Park, have been linked with a number of takeovers in recent years.

Former Thailand prime minister Thaksin Shinawatra made a high-profile bid in 2004 and another American billionaire, New England Patriots owner Robert Kraft, also met with club officials.

606 DEBATE: Give your reaction to this takeover collapse

SEE ALSO
Liverpool stall on takeover bid
31 Jan 07 |  Liverpool
Liverpool takeover concerns eased
28 Dec 06 |  Liverpool
Reds revel in 450m takeover talk
04 Dec 06 |  Liverpool
Who is Sheikh Mohammed?
15 Jan 07 |  Liverpool


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