Hicks and Gillett could unload Liverpool

The Times of London reported that HEnglish Liverpool owners George Gillett and Tom Hicks agreed to let Dubai International Capital (DIC) examine the accounts ahead of a possible takeover bid next month.

The U.S. owners just completed a refinancing of the club, but have become unpopular figures with supporters.

Gillett, whose involvement with the club is now minimal, is expected to be the first to sell his 50 per cent stake, possibly by the middle of next month. Hicks is likely to sell only part of his stake initially, leaving DIC in majority control of the club but retaining some interest and his place on the board, at least in the short term.

Although a final agreement is understood to be some weeks away, with the Americans eager to maximise their profits after a 12 months in control, it seems that they are ready to demonstrate their willingness to sell by granting a period of due diligence to DIC.

Gillett and Hicks bought Liverpool for GBP 218.9 million in March 2007, which included an agreement to pay off about GBP 45 million of debt and a pledge to build and finance a 60,000-seat stadium.

The Times said that Liverpool was now valued at more than GBP 400 million, including an increased debt. Gillett and Hicks refinanced their Liverpool deal with a GBP 350 million-pound just month ago.

DIC will try to pull off the first part of the takeover by mid March.

Hicks will try to retain a seat on the board. DIC will try to wear down his holdings by pushing funds into the club.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.