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Reds confirm Dubai takeover talks Reds confirm Dubai takeover talks
(about 1 hour later)
Liverpool have confirmed exclusive talks are taking place with Dubai International Capital (DIC) about a possible takeover of the club.Liverpool have confirmed exclusive talks are taking place with Dubai International Capital (DIC) about a possible takeover of the club.
DIC, the investment arm of Dubai's government, is thought to be nearing a buy-out of the club worth £450m.DIC, the investment arm of Dubai's government, is thought to be nearing a buy-out of the club worth £450m.
Liverpool chief executive Rick Parry said: "This is the latest step on the road of finding the long-term investment that the club needs."Liverpool chief executive Rick Parry said: "This is the latest step on the road of finding the long-term investment that the club needs."
DIC chief executive Sameer al-Ansari said: "We hope we can agree a deal."DIC chief executive Sameer al-Ansari said: "We hope we can agree a deal."
Al-Ansari, whose firm has begun to examine the club accounts, added: "Liverpool's investment requirements are well publicised.Al-Ansari, whose firm has begun to examine the club accounts, added: "Liverpool's investment requirements are well publicised.
"Hopefully this will provide us with the opportunity to fund its needs both on and off the pitch.""Hopefully this will provide us with the opportunity to fund its needs both on and off the pitch."
class="bodl" href="http://www.bbc.co.uk/dna/606/A17787883">606 DEBATE: Your views on Liverpool's future 606: DEBATE class="" href="http://www.bbc.co.uk/dna/606/A17787883">This has to be good news for Liverpool. The club have no choice KO class="" href="http://news.bbc.co.uk/sport2/hi/606/default.stm">606: Have your say
The proposed deal is expected to include £200m to build a new 60,000-capacity stadium.The proposed deal is expected to include £200m to build a new 60,000-capacity stadium.
Parry added: "This is very important in terms of the proposed new stadium, which is key to plans for the regeneration of the local community.Parry added: "This is very important in terms of the proposed new stadium, which is key to plans for the regeneration of the local community.
"On the pitch, Liverpool remains focused on winning and, here again, this is all about doing a deal that gives us the long-term resources to do that.""On the pitch, Liverpool remains focused on winning and, here again, this is all about doing a deal that gives us the long-term resources to do that."
The due diligence process has begun, giving DIC exclusive rights to study the accounts of Liverpool with a view to finalising a deal.The due diligence process has begun, giving DIC exclusive rights to study the accounts of Liverpool with a view to finalising a deal.
Both Liverpool chairman David Moores and Parry stayed behind in Liverpool while the team flew to Istanbul for Tuesday's Champions League match against Galatasaray.Both Liverpool chairman David Moores and Parry stayed behind in Liverpool while the team flew to Istanbul for Tuesday's Champions League match against Galatasaray.
However, the deal is not expected to be concluded until the new year.However, the deal is not expected to be concluded until the new year.
DIC owns the Madame Tussauds Group and the Travelodge hotel chain as well as one third of the London Eye.DIC owns the Madame Tussauds Group and the Travelodge hotel chain as well as one third of the London Eye.
The company is an investment arm of Dubai Holding, which is owned by Dubai Crown Prince and United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.The company is an investment arm of Dubai Holding, which is owned by Dubai Crown Prince and United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.
Sheikh Mohammed, whose family is internationally renowned for its running of the Godolphin horse racing stables, is the world's fifth richest man.Sheikh Mohammed, whose family is internationally renowned for its running of the Godolphin horse racing stables, is the world's fifth richest man.
Liverpool have been linked with other takeover bids in recent years.Liverpool have been linked with other takeover bids in recent years.
In 2005, American billionaire Robert Kraft - owner of the New England Patriots NFL team - was linked with a bid for the club.In 2005, American billionaire Robert Kraft - owner of the New England Patriots NFL team - was linked with a bid for the club.
And in 2004 Thaksin Shinawatra, then Prime Minister of Thailand, made a high-profile bid to take control of the club.And in 2004 Thaksin Shinawatra, then Prime Minister of Thailand, made a high-profile bid to take control of the club.
The takeover news will concern those worried about the number of Premiership clubs currently in the hands of foreign owners.The takeover news will concern those worried about the number of Premiership clubs currently in the hands of foreign owners.
Manchester United, Chelsea, Aston Villa, Portsmouth and Aston Villa have all gone through high-profile takeovers by foreign owners in recent years.Manchester United, Chelsea, Aston Villa, Portsmouth and Aston Villa have all gone through high-profile takeovers by foreign owners in recent years.