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Archive for August, 2010

Deadline set for Liverpool FC takeover bid

Tuesday, August 3rd, 2010

Former Wall Street stockbroker Kenny Huang has set a 10-day deadline on behalf of an unnamed group, for Liverpool FC to accept their takeover bid.

Mr Huang opened talks with the football club's primary lender, the Royal Bank of Scotland, last weekend. There is speculation that the group he is working on behalf of is the China Investment Corporation. The talks have already included discussions with the club's non-executive chairman, Martin Broughton, in an attempt to accelerate negotiations, despite there being no announced deadline to complete the deal to sell the club.

If the group is successful in buying the club, there are rumours that it will provide substantial backing to new manager Roy Hodgson to strengthen his squad before the close of the transfer window on 1 September.

The bid from Huang, chairman of Hong Kong-based QSL Sport, is one of six offers currently on the table.

Present owners
George Gillett and Tom Hicks are said to be strongly opposing the surge of approaches to Barclays Capital, the orchestrators of the sale process, due to the shortfall of their valuation for the club of between £600 million and £800 million.

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