Chinese bid to buy Liverpool FC
Source: Agencies |
01:39 UTC+8 August 3, 2010
|
Print Edition
Print Edition
CHINESE businessman Kenny Huang has offered to buy Liverpool FC's 237 million pound debt (US$374 million) from a British bank in an attempt to end Tom Hicks and George Gillett Jr's control of the English Premier League club.
An insider said yesterday that Huang is in talks with Royal Bank of Scotland.
American co-owners Hicks and Gillett bought Liverpool three years ago but have put it up for sale after a public fallout over the running of the club.
Huang, who is co-chairman of both the National Basketball League of China and Chinese Baseball League, has made no announcement but has appointed a British media relations firm to represent him "in respect of his interest in Liverpool Football Club," the insider said.
Huang was the first Chinese college graduate from Chinese mainland to work at the New York Stock Exchange in 1988. He negotiated the purchase of a 15 percent stake in the NBA's Cleveland Cavaliers in May 2009 and is director and co-founder of SportsCorp China, the New York Yankees' baseball team's exclusive marketing partner in China.
Uncertainty
Huang was first linked to a takeover of the 18-time English champions two years ago. Liverpool manager Roy Hodgson said last month he wants the uncertainty over the club's future resolved as soon as possible, giving him time to bring in new players before the transfer window closes on August 31.
There is no set deadline for the talks with Royal Bank Scotland.
Hicks and Gillett bought Liverpool in February 2007 for about 218.9 million pounds. The club lost 16 million pounds before tax last season, a steep drop from a healthy profit the previous year.
But the Americans still value it at 600 million pounds.
Hicks and Gillett promised to build a new 60,000-seat stadium to help the club compete financially with Manchester United and Arsenal, but construction was halted in August 2008 because of the global economic downturn.
Manchester United's Old Trafford holds 76,000 fans and Arsenal moved from 38,000-seat Highbury into the 60,000-seat Emirates Stadium in 2006.
An insider said yesterday that Huang is in talks with Royal Bank of Scotland.
American co-owners Hicks and Gillett bought Liverpool three years ago but have put it up for sale after a public fallout over the running of the club.
Huang, who is co-chairman of both the National Basketball League of China and Chinese Baseball League, has made no announcement but has appointed a British media relations firm to represent him "in respect of his interest in Liverpool Football Club," the insider said.
Huang was the first Chinese college graduate from Chinese mainland to work at the New York Stock Exchange in 1988. He negotiated the purchase of a 15 percent stake in the NBA's Cleveland Cavaliers in May 2009 and is director and co-founder of SportsCorp China, the New York Yankees' baseball team's exclusive marketing partner in China.
Uncertainty
Huang was first linked to a takeover of the 18-time English champions two years ago. Liverpool manager Roy Hodgson said last month he wants the uncertainty over the club's future resolved as soon as possible, giving him time to bring in new players before the transfer window closes on August 31.
There is no set deadline for the talks with Royal Bank Scotland.
Hicks and Gillett bought Liverpool in February 2007 for about 218.9 million pounds. The club lost 16 million pounds before tax last season, a steep drop from a healthy profit the previous year.
But the Americans still value it at 600 million pounds.
Hicks and Gillett promised to build a new 60,000-seat stadium to help the club compete financially with Manchester United and Arsenal, but construction was halted in August 2008 because of the global economic downturn.
Manchester United's Old Trafford holds 76,000 fans and Arsenal moved from 38,000-seat Highbury into the 60,000-seat Emirates Stadium in 2006.
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