FEBRUARY 4
Rafa calls for swift takeover conclusion

Daily Mail

Rafael Benitez has called for a speedy conclusion to the Liverpool takeover saga.

US sports moguls Tom Hicks and George Gillett Jnr will be on Merseyside this week hoping to clinch a deal.

The pair have made what amounts to a £450million bid to buy the club, including chairman and owner David Moores' 51.6 per cent controlling interest.

Benitez, who could be given significant summer funds by the new consortium, said after the goalless Merseyside derby clash with Everton: "If it is sorted out next week, then that will be better because we can start talking about the game and the players rather than other things."

It is now expected that Gillett and Hicks will be on Merseyside early in the week for further talks with Moores and the Liverpool board.

By the middle of the week, if talks go well, it is expected that a formal announcement will be made to the Stock Exchange.

But it is likely that there will be the need for an EGM to confirm that deal, despite Moores having a controlling interest.

He will still need to be able to satisfy the American buyers that they will be able to secure 90 per cent of the shares, which would allow them to compulsory purchase the rest.

There has been talk over the weekend that two previous prospective buyers, Belfast millionaire John Miskelly and the club's third biggest shareholder Steve Morgan, could unite to provide the alternative of a local consortium. But they would have to move fast to head off the Americans now.

The US pairing's main problem is to convince fans that this is not another Malcolm Glazier-style buy-out.

It seems likely that Gillett and Hicks would be joined on a newly-constituted board by their sons Foster and Thomas Jnr, respectively.

Current chief executive Rick Parry could also play a much more significant role than previously expected.

With Moores likely to be little more than a figurehead vice-president, Parry has the hands-on experience to continue his day-to-day running of the club.

FEBRUARY 2
Dubai Investors: Liverpool Chairman
suffered a ‘mental aberration’

Anfield Online

Dubai Investment Capital have spoken to the Liverpool Echo about the collapse of the Liverpool bid - still angry at David Moores and
the Liverpool board.

A spokesman for the DIC investment group suggest reds Chairman David Moores had a moment of madness.

“If the fans want to know what’s happened, David Moores suffered what I can only describe as a mental aberration, just when the agreement was about to be reached.

“The fans are bemused, and we at DIC are just as bemused by the past few days.

“Liverpool Football Club has been looking for years and years for an investor, going through numerous suitors. They came to the conclusion DIC were the best people. We’ve been working closely with advisors for the last six to eight weeks, and spent a lot of time preparing a deal.

“We are genuine supporters who not only wanted to invest in the club, but to do so by keeping Mr Moores and Rick Parry in place. The announcement was going to be made this Monday.

“Then, 10 days ago, we heard from the press George Gillett had made another bid. No-one from Liverpool told us this, and when we asked what was happening they said they didn’t know why a bid was made other than to muddy the waters.

“Then we read a formal statement from Liverpool announcing Gillett’s bid last Friday. Again, DIC were informed by a journalist.

“This lack of communication made our guys tense.

“On Tuesday, we expected the board meeting to accept our proposals. Instead, we found out the board was discussing George Gillett’s offer, once again through the press.

“Even on Tuesday night we could get no answers from Mr Moores and Mr Parry, even though we had a representative at the West Ham match.

“The people back in Dubai thought they weren’t being told what’s going on.

“There was no ultimatum given, but we did make it clear we needed to know quickly if the press conference was going ahead on Monday because DIC officials needed to know if they should book their flights.

“Once word got back to Dubai on Tuesday there were no answers from Liverpool, the word from on high was this is bad for our reputation and it all stops right now.

“We can’t understand what had changed since December 4 when after a long search, Liverpool announced we were the best people.”

FEBRUARY 2
End this mess says Morgan

Liverpool Echo

Liverpool's third largest shareholder Steve Morgan today called on the Anfield board to end the heartache and uncertainty brought about by the collapse of the Dubai ownership bid.

Speaking from Uganda - ahead of news that Texan billionaire Tom Hicks has now teamed up with George Gillett to take over the Reds - Morgan said: "I was surprised to hear the news about the collapse of the Dubai deal.

"But my message to the board is that they have to sort the situation out.

"It's gone on long enough and must be sorted sooner rather than later.

"We are starting to look foolish in the eyes of the fans and the public."

Lifelong Liverpool fan Morgan, the founder of Redrow Homes, has tried three times to take over the club.

But he insists chairman David Moores, of whom he has been a staunch critic, is asking too high a price and over values Anfield as an asset.

He added: "I have just got the best interests of the club at heart.

"I think the current prices are untenable.

"I remain interested but only at the right price - and not one which will saddle the club with a huge debt going forward."

FEBRUARY 2
24 hours that changed Liverpool FC forever

By Chris Bascombe - Liverpool Echo

George Gillett jnr and Tom Hicks took only a day to thrash out the deal that will hand Liverpool FC into American control.

The US multi-millionaires breezed in and out of Merseyside yesterday to complete the most dramatic Anfield substitution since David Fairclough came off the bench against Saint Etienne.

What's even more staggering is they were able to board the plane home before anyone noticed the devastating trail they were leaving behind.

Two days ago Monday was the day pencilled in for new Arab owners to sit in the Anfield trophy room announcing their arrival.

Now, their places have been taken by Gillett and Hicks, who have a combined wealth running into billions.

They have offered £5,000 a share and, despite the absence of any bid which is anywhere near this, are considered men of their word.

Anfield officials could barely contain their excitement as the guarded secret of Hicks's involvement in the deal filtered through.

The Reds say they were bound by their confidentiality not to announce the partnership sooner, even as the flak was flying and questions being asked about where Gillett’s cash was coming from.

Hicks is undoubtedly the more influential partner within the American bid.

The 60-year-old Texan runs Southwest Sports Group, which owns among its vast portfolio, the Texas Ranger baseball team and the Dallas Stars hockey club.

He is a bona fide billionaire, a man who evidently has the bucks and the connections.

Both Hicks and Gillett have built their reputation on being businessmen who care for their communities as much as their assets, and this will form part of their bid to win over the supporters.

Fans can expect to hear how they too will respect the traditions and heritage of the club and embrace the passion of The Kop, the modern boardroom equivalent of a new player proclaiming they have been a lifelong fan.

They have also promised continuity at boardroom level.

DIC did the same, of course, although it has emerged under their proposals that Parry would have been the only existing board member who would have kept his position. Moores would have been a figurehead, but the other five places would have been selected from DIC.

The speed with which Liverpool have moved from one deal to another is staggering.

Hicks and Gillett must have been boarding their private jet to England as the Dubai bid was in the process of being withdrawn.

Liverpool maintain there was no double dealing, and Gillett and Hicks re-emerged as contenders only on Tuesday.

The success of their trip to Merseyside suggests the American duo are either the most perceptive, astute and forward-thinking entrepreneurs in the world, or the most fortunate.

The swiftness of the transformation hardly contradicts conspiracy theories Gillett was being privately courted as Dubai were being publicly presented as the likely new owners.

Liverpool say this is not the case.

Some may argue it is little wonder DIC were offended by what they perceived as “dishonourable” business practice and chucked the dummies from the United Arab Emirates to Anfield.

An alternative, more sympathetic argument would praise Moores for keeping his options open, ensuring if he did not like what he saw from DIC, the ready alternative was waiting.

In the world of business, big boys' games are played under big boys' rules.

Dubai are not used to losing, which may be why they took their ball home.

Having moved on to the Gillett/ Hicks deal, Liverpool are now less inclined to continue the war of words and focus on the future.

The deal is virtually signed and sealed.

It remains to be seen whether the latest twist will appease supporters, confuse them even more orcontinue to arouse suspicion.

Liverpool hope these developments provide necessary answers to their public.

But they will be under no illusions there are many more searching questions still to come, and reassurances required, before anyone on the Kop starts waving the stars and stripes.

Tycoon backs Bush

Thomas "Tom" Hicks, 60, is a Dallas businessman and friend and ally of US president George W Bush.

The father of six owns Southwest Sports Group which includes the Texas Rangers, which Hicks bought from an investment group that included then-Texas Governor George W Bush.

Mr Hicks also owns ice hockey team the Dallas Stars and the Mesquite Championship Rodeo.

He co-founded the investment firm Hicks, Muse, Tate & Furst in the late 1980s.

The Tom Hicks elementary school in Frisco, Texas, is named after him after he donated land for the school. He is a graduate of the class of 1964 at the Thomas Jefferson high school.

A fact that will be of intense interest to Liverpool FC is that he has been instrumental in developing new stadia for his teams, and is also part-owner of the new American Airlines stadium in Dallas, the most expensive hockey and basketball arena in America, worth $420m.

He has the kind of contacts which mark him out as a force to be US political scene.

He has since been a significant contributor to Bush’s campaign fundraising, and is on the team pushing Rudolph Guliani’s bid to become President in 2008.

Hicks has won praise for his efforts to make baseball more affordable to the ordinary fan.

FEBRUARY 2
Red Barons !

By Chris Bascombe - Liverpool Echo

The American ownership of Liverpool Football Club is expected to be agreed early next week.

George Gillett jnr and Dallas businessman Tom Hicks spent yesterday in the city finalising details of their joint £170m purchase.

They returned to America last night, after the involvement of billionaire Hicks had added a new dimension to the deal.

Hicks and Gillett have now become partners in the bid for the club, with Hicks seen as the key factor in David Moores’ reassessment of his options, which led to the collapse of the DIC proposal.

Hicks, the 60-year-old owner of the Texas Rangers baseball team and Dallas Stars hockey club, has a proven track record in sports ownership. He can also count on President George W Bush among his close circle of friends, and has been a significant contributor to Bush’s campaign fundraising.

He is also acting as a committee member on the team pushing Rudolph Giuliani’s bid to become president in 2008.

The Anfield board believe his weight adds a fresh credibility to the Gillett bid.

Chief executive Rick Parry told the ECHO today: “While we have always had a good relationship with George Gillett, it’s clear the involvement of Tom Hicks adds another dimension and considerable strength to the bid, and was a very significant factor in us looking afresh at the proposals.”

There is now expected to be rapid progress, with only fine tuning standing in the way of agreement.

Moores, Hicks and Gillett will certainly have shaken hands over dinner yesterday afternoon, when they were entertained by the chairman and his wife.

Although neither American is yet in a position to talk publicly about their involvement, sources close to them said an announcement was anticipated early next week.

The Anfield hierarchy will hope the latest revelations will end the uncertainty and explain why Moores was having second thoughts so late into the Dubai process.

FEBRUARY 2
US billionaire joins Gillett in Anfield bid

By Alan Weston - Liverpool Daily Post

A second American tycoon has joined forces with US mogul George Gillett in a bid to take control of Liverpool FC.

In an unprecedented move, it emerged last night that Texas billionaire Thomas “Tom” Hicks had entered into an agreement with Gillett to go half-and-half on purchasing the club.

The two men already share both business and sporting interests in the United States, but this would be the first time two major sports owners have gone into such a partnership together.

Hicks, 60, made his fortune in finance and is a high-profile supporter and friend of US President George W Bush.

It was reported that Hicks was in the UK this week, and was due to return to the United States last night.

The partnership idea is believed to have gathered steam after Hicks and Gillett both attended last week’s National Hockey League All-Star Game. The two men have previously worked together on the executive board of a meat processing company.

The businessman is credited with revitalising the Dr Pepper brand, among others, through the Hicks, Muse, Tate and Furst investment firm he co-founded in the late 1980s.

He shares similar interests with Gillett, who owns the Montreal Canadiens, as he also owns an ice hockey team, the Dallas Stars, which he took over in 1995, along with the Texas Rangers baseball team in 1998.

Both are operated under the Southwest Sports Group company owned by Hicks, which also includes the Mesquite Championship Rodeo.

He has also been closely involved in developing new stadia for his teams, and is part owner of the new American Airlines stadium in downtown Dallas, the most expensive hockey and basketball arena in US history, at $420m. That fact is sure to be tempting to Liverpool FC, which is desperately hoping to move to a new stadium on Stanley Park soon.

Hicks is also closely involved in a massive new 75-acre development called Glorypark, which, as well as including the Texas Rangers stadium in Arlington, will also include the new stadium for the Dallas Cowboys football team, along with retail, enter- tainment, residential and office use.

Hicks, who is married with six children, is number 382 in the Forbes list of the 400 richest Americans.

Although Hicks is a close supporter of President Bush and has donated money to the Republican party, he has also made smaller donations to the Democrats.

He purchased the Texas Rangers from an investment group that included George W Bush, who was then the Texas governor.

It is said that the investment Hicks would be putting in would be similar to the $250m he paid for the Rangers when he purchased them in 1998.

They added that he is “never afraid to spend money” and had been instrumental in pursuing and acquiring a number of big-name players for the Dallas Stars since taking ownership of the club.

He also secured the biggest contract in the history of American professional team sports when he signed Alex Rodriguez to the Texas Rangers baseball team for $252m in December 2000.

They also said that Hicks’s lengthy ownership of his existing two sports clubs showed that he saw Liverpool FC as a long-term investment.

Liverpool FC were last night thought to be delighted at the development, which they believe will completely change the landscape of the takeover saga.

There had been concerns among fans that the shock withdrawal on Wednesday of Dubai International Capital had left Liverpool with a second choice deal, with Gillett’s fortune estimated at around just $860m but the arrival of a second wealthy American is sure to ease those fears.

Thomas Hicks’s story is almost a perfect example of the “American Dream.” His father was a small-time Texas radio entrepreneur, and Hicks dutifully followed in his father’s footsteps and worked at stations until quitting when his father refused to expand.

Putting his MBA business qualification to good use, he started the leveraged-buyout firm Hicks, Muse, Tate & Furst, and scored early successes with soft drinks Dr Pepper and Seven-Up, investing $45m and returning nearly $700m.

FEBRUARY 1
Ryan gives Gillett a Pat on the back

TEAMtalk

George Gillett would bring "a passion for winning" to Liverpool if he were to take over the club, according to one of his close friends.

Pat Ryan, the multi-billionaire founder of insurance giant Aon and chief of Chicago's bid to host the 2016 Olympic Games, has known Gillett for more than four decades.

Ryan owns a sizeable stake in National Football League franchise the Chicago Bears - who are contesting this Sunday's Super Bowl with the Indianapolis Colts in Miami, Florida - and although he is not considering investing in a Premiership club, he believes Gillett would be a success on Merseyside.

"My friend George Gillett is a creative guy," said Ryan. "I've known him since we were in our early twenties. I've known him for over 40 years.

"I do (think he would be a good owner). He's very responsible, a good sportsman and a good businessman.

"I think George has a very fertile marketing mind, he's very creative.

"I think he would bring a passion for winning and for representing the community. He's got a history of doing that.

"But I haven't spoken to him about this (the possible Liverpool deal)."

Gillett is leading the chase to take over Liverpool after Dubai International Capital withdrew their offer for the club.

Gillett has already carried out due diligence - the process of inspecting the club's accounts - and an official offer from the American sports tycoon, who owns the Montreal Canadiens National Hockey League franchise, is expected in the coming days.

Ryan is chairman and chief executive officer of Chicago's bid for the 2016 Olympics.

Chicago is up against Los Angeles for the right to be the United States Olympic Committee's representative to bid for the Games.

FEBRUARY 1
DIC tried to bully Liverpool board, says Parry

Reuters

Dubai International Capital group tried to "bully" Liverpool's board into accepting a takeover offer, the English Premier League club's chief executive Rick Parry was quoted as saying on Thursday.

The DIC withdrew their bid on Wednesday when Liverpool asked for more time to consider a rival offer from American sports tycoon George Gillett.

"We have a duty as directors to consider a very interesting bid from George Gillett," Parry told the Liverpool Echo.

"The DIC response to this was to give the club 12 hours to make a decision but the chairman was not prepared to have Liverpool Football Club bullied like that".

Liverpool are now concentrating on the offer from Gillett, the owner of NHL side Montreal Canadiens, and Parry insists the change of heart was not down to money.

"The price is not a factor in (chairman) David Moores' mind. He is not after cash for himself, absolutely not, but he felt compelled to consider the rival bid," Parry added.

"We would also stress this is not a question of going for the second choice. David has always given George Gillett serious consideration while at the same time we didn't want to rush into any decision, and we were aware DIC might walk away.

There were initial fears Gillett was keen on forcing Liverpool to share a new stadium with city rivals Everton.

But whilst Liverpool did announce an exclusivity agreement in November, Gillett impressed the board with his proposal and the way he completed due-diligence in three days.

"George Gillett has made it absolutely clear to us he will not be in favour of a ground share," Parry added.

"There will be funding for the new stadium and a proper commitment to investment in the team.

"Be assured the only thing David Moores is concerned about is the club being in the right hands for the future.

"You can be certain he has done his homework carefully and will make a decision in the best interests of the club."

Liverpool are believed to have had second thoughts about the DIC after they took several weeks to complete due-diligence.

Liverpool manager Rafael Benitez told a news conference on Thursday he was happy with the board's actions.

"When the club was talking to the DIC the conversations were good, but if the board decided to change, maybe they think the new people are better. I trust the board," Benitez said.

FEBRUARY 1
Moores must answer to fans

TEAMtalk

David Moores has the reputation of being the chairman who loves his club just about more than anything else in the world.

He would rather travel with 'his' players than in private jets and thinks nothing of helping to haul huge kit skips through airports.

On the Kop he has always been perceived as the man who got where he is today on the back of inherited privilege. His vast fortune has come from being a member of one of the country's richest families.

Those fanatical supporters believe he has never done a proper day's work in his life, but they have accepted him because they see him as a true fan, if not one of their own.

As Moores prepares for the final days of his tenure in control at Anfield, he knows he is struggling to maintain that position of esteem among the Anfield faithful.

The collapse of the Dubai International Capital bid to buy the club and the bitter recriminations that have followed have confused the club's fans who had believed what they were being told about "ideal" partners.

Now they see a position emerging that mirrors Malcolm Glazer's regime at Manchester United - an American tycoon who knows precious little about 'soccer' poised to buy the club and install his sons in charge.

Moores, who owns 51.6% of Liverpool, has the whip hand, and he has been portrayed these past 48 hours as a man who would rather take £88million from George Gillett for his holding rather than the £80m he would have got from DIC's bid.

That is the difference in Gillett's offer of £5,000 a share rather than DIC bid of £4,500. To the men on the Kop that is an insignificant amount for a man who has millions already.

Moores rarely does interviews - he rarely speaks at all about his club - but he may well have to say something soon to dispel the growing theory that he has grabbed the money before running.

Liverpool sources claim that Moores is "appalled and horrified" by the way he is being perceived as a money-grabber, rather than someone who has the long-term future of 'his' club at heart.

Moores and chief executive Rick Parry would have had a role in a future Liverpool administration under DIC, but that is doubtful if Gillett and his family take control.

Some Anfield fans suggest that Moores will not care a jot as long as he has got the biggest return for his shares.

Others that know him well claim this is far from the truth, and he is genuinely upset by the position he finds himself in.

One theory from a senior shareholder is that Moores realised he would not be able to give DIC the 90% shareholding they wanted to be able to compulsory purchase the final 10% of small shareholders' stakes.

That is what Malcolm Glazer did at Manchester United - nobody wants a noisy, irritating, small pocket of opposition to your plans.

Moores was certainly under pressure from major shareholders to look seriously at the Gillett bid. Granada, who have wanted out for some time, hold 10%.

They bought those shares for £6,000 each and stand to make a couple of million more if they get £5,000 back rather than £4,500.

Then there are two major City institutions who own 3% each. They too may have had a word in Moores' ear.

Third largest shareholder Steve Morgan had already voiced his doubts about DIC's borrowing plans and could also have felt the same. While a clutch of former and current directors with 1% each would have also had an opinion.

For DIC to take full control, they would have needed to get to the 90% mark. But with maybe 20% of major shareholders showing doubts, that could not have been delivered. DIC would always have had a significant rump of shareholders around to contest their decisions.

That is a deal they would not have been interested in. Glazer would not have been, nor would Gillett.

Moores has made it clear to associates that he also accepts he has a duty of care to protect the investment of every single shareholder - from Morgan to the punters who have one framed certificate on their lounge wall.

Someone with 100 shares will make £30,000 more from the Gillett bid, so it is money that is crucial to many a life-long investment.

Moores now needs to move quickly and decisively to clinch the best deal possible for the club. Not just, as it is being suggested in some quarters, for himself.

He needs to ensure that the stadium work starts in March, that the debt of £80m is wiped out and, most important of all, that Rafael Benitez gets the significant funds he was promised for players under the DIC bid.

Moores needs to come out of this with his image and creditability intact. Not just with shareholders but with the punters on the Kop who care only about what they watch on the pitch and the trophies that arrive at the club - and the serious chance to challenge Manchester United again.

FEBRUARY 1
Gillett: The perfect choice
for Reds or best a club can get?

By Chris Bascombe - Liverpool Echo

Such has been the shift within Liverpool’s boardroom over the past 48 hours, one wonders what happened to the earthquake warnings?

After two months of strategic presentation of Dubai International Capital as preservers and enhancers of the Anfield tradition, supporters are now being urged to follow the club hierarchy in the process of reassessment.

Damascus-style conversions will be easier to some than others after the re-emergence of George Gillett Jnr as likely owner of Liverpool Football Club.

When an exclusivity agreement with DIC was announced last November, the statement made it clear the Dubai-based group was favoured over the American.

Murmurings from within Anfield that Gillett’s preference for a shared stadium – today denied by Rick Parry – was a reason for his initial rejection, still cast a shadow over his interest.

It is now claimed Gillett favours nothing of the kind. But until this was confirmed today, suspicion was inevitable.

Equally tough to comprehend is the reason behind a 180-degree turn, which has more in common with skating on ice than historic decisions.

Liverpool insist the end of the DIC bid reflects a carefully considered reappraisal due to misgivings with the delay in completing the takeover.

The Anfield accounting department would appear to have more books than Central Library, such has been the time spent on due diligence.

Commitments which chairman David Moores desired were slow in coming.

Documents sent to Anfield increased rather than eased concerns. Leaks regarding the true intention of DIC raised alarms. When it was suggested DIC had a seven-year exit strategy, it was instantly denied, but the existence of the documents was damaging. The club, not DIC, would have been saddled with debts.

Six weeks on, DIC’s move was significantly different from what Liverpool expected. In fact, they made no bid, instead presenting an “expression of interest”.

Some sources suggested the Dubai group realised on closer inspection Liverpool wasn’t the club they thought. The fundamental question which may remain unanswered is who got cold feet first?

Is this truly a case of Liverpool deciding the due diligence had gone on too long, or do inklings that Dubai wanted to reassess their options and reconsider their investment having seen the books carry equal merit? We may never know.

One unconfirmed report suggested the Liverpool bid was the only one of three projects not given the go-ahead at the start of the new year by Mohammed Al Gergawi – the man within the United Arab Emirates government who Sameer Ansari needed to convince to support the proposal.

Was it this which gave the Anfield board the first hint they should keep alternative options open?

DIC wouldn’t be the first to revise an initial valuation after further scrutiny.

All suggestions of a hitch were denied by Liverpool until yesterday morning.

The club say the DIC bid was alive and well until 72 hours ago.

It’s suggested the chairman finally lost patience and invited Gillett back into contention three days ago, impressed by his decisiveness and ambition.

Gillett, either conveniently or fort-unately depending on your perspective, had already made a fresh bid and seen the books. Did he take a punt or was he encouraged more than supporters were led to believe at the time?

The board meeting on Tuesday – stunningly leaked within hours of its concl-usion – confirmed the frostiness between Moores and DIC and the revival of Gillett’s hopes.

No doubt provoked by the revelation Moores found DIC’s terms unacceptable, an ultimatum was delivered yesterday. Liverpool saw this as bullying tactics and the deal collapsed in acrimony.

A fortnight ago, Gillett’s return to the fold was being announced and then privately dismissed by some as muddying the waters in the same breath.

Suddenly, those same streams contain fountain springs.

Gillett’s due diligence process took just three days. Gillett, Liverpool fans are being told, ticks all the right boxes after all. Ignore all the negativity when the club wanted someone else, the American isn’t so bad.

That’s the new message fans are urged to consume today.

Supporters were happy to be led on an exciting journey to the United Arab Emirates six weeks ago, but convincing them to embrace the American dream will be trickier.

At this stage, it seems a case of when not if Gillett will take over. He’s not the only interested party, but he’s the only candidate under serious consideration.

That remains a source of frustration for others, whose pockets are not as deep but whose motives are beyond reproach.

Local businessman Steve Morgan, currently away working for charity in Uganda, would certainly reconsider his options at the right price, while Irishman John Miskelly would reignite his £220m bid without the process of due diligence, such is his love for the club.

Miskelly would pay £4,000 a share, which is eclipsed by the whopping £5,000 on offer from Gillett. Will Gillett revise his offer now the Arab competition has gone?

And why does Gillett crave Liverpool so much? Has he, or indeed Liverpool Football Club, done enough to convince supporters he’s the right man for the job or is simply in the right place at the right time to benefit from the DIC shambles?

Chairman Moores and his board earned hearty congratulation after the DIC announcement.

It seemed years of trust in the hierarchy was paying dividends. There was no grand appeal for support necessary for the majority of Liverpool fans, who willingly accept the notion the chairman only wants the best for the club.

With Liverpool now claiming Gillett is the favoured option – no matter how beneficial it may seem – the leap of faith demanded from fans is monumental. The PR drive will have to be ferocious.

It’s a bit like being told to open the door to an honoured guest after initially being urged to hide behind the couch if the bogeyman came knocking.

Whatever way you dress it up, signing an exclusivity agreement with a rival was hardly a ringing endorsement of the man who may now be entrusted with safeguarding the future of Liverpool Football Club.

JANUARY 31
Dubai or not to buy?

By Phil McNulty - BBC Sport Online

Dubai International Capital's decision to walk away from its proposed takeover of Liverpool is the end of a love affair that grew cold with astonishing speed.

It was only a fortnight ago that Liverpool chief executive Rick Parry was in bullish mood about the arrival at the Shankly Gates of the investment arm of the Dubai government.

He told BBC Five Live's Sportsweek: "A huge amount of work has been going on, we'll have something to say soon.

"Yes, the deal is looking positive and yes, I'm confident it will go through. This will take us to the next level.

"But it's not a quick fix, a rich man's plaything. It's a long-term model for success, based around the new stadium."

Not any more it isn't.

It appears hesitation on the part of the Liverpool board, led by chairman David Moores, to formally accept DIC's bid in the wake of a second offer from American George Gillett has killed the deal stone dead.

This was meant to be the dream scenario for Liverpool. The deal that would see the Sheikhs of Dubai lavishing riches on Anfield that would put them alongside Chelsea.

It was never going to be work of a maverick benefactor on a Roman Abramovich scale, DIC is too shrewd and businesslike for that, but it seemed a perfect fit.

Now it appears that, as far as Moores and Parry are concerned, Gillett is the best a man can get.

Gillett may prove a palatable alternative - and do not rule out interest from other parties waiting in the wings as DIC pulled out.

DIC was welcomed with open arms by both Liverpool Football Club and their fans.

Serious people with serious investment and serious lovers of sport. There was even talk of some of the DIC hierarchy having Liverpool screen-savers on their mobile phones.

Boyhood fans and all that.

But it is clear this trail has been going cold over the last few days as the shadow of Gillett, owner of Montreal Canadiens ice hockey team, suddenly re-emerged.

Gillett appeared to have been seen off by DIC, and initial suggestions that Liverpool may take his renewed takeover bid seriously were swiftly sidelined by sources within Anfield.

But Gillett has made crucial moves in the last week that forced Liverpool to reconsider him as a serious proposition.

He completed his due diligence programme within three days - after DIC had taken the best part of a month over the same process.

He happily agreed to personally underwrite the potential £200m-plus cost of a new stadium without hesitation.

Was DIC reluctant to underwrite in such a fashion? If it was, it may have suggested to Liverpool a slight dent in their enthusiasm.

He delivered guarantees on future transfer funds.

And, crucially, Gillett was able to reject what some previously saw as a key plank of his proposal - namely a groundshare with neighbours Everton.

Liverpool chairman Moores, who owns 51.6% of the club, would get £8m more from the Gillett deal, but it would be unfair to suggest this would sway a deal.

Moores has never been motivated by personal gain from Liverpool - which suggests he was having serious reservations about choosing DIC ahead of Gillett over and above financial considerations.

I understand Moores has recently come under pressure from minor shareholders to consider Gillett's offer, which is worth £500 a share more than DIC's.

Now DIC have made that decision for him and only time will tell if Moores' hesitation to rubber-stamp a deal at a London Docklands hotel on Tuesday will be fatal.

Gillett covers many bases for Liverpool.

He is rich. He is a sports lover.

But Liverpool have trumpeted the merits of the DIC proposal so loudly, it will be interested to see how they pitch Gillett as the new dream ticket.

One thing is certain. Any deal must be done quickly and DIC's withdrawal has hardly accelerated the process.

Building work on Liverpool's new stadium is scheduled to start in March - and finance from a new owner is at the very heart of the foundations.

Liverpool cannot delay further. And Gillett is now in pole position to exploit DIC's withdrawal.

JANUARY 31
Consortium pulls out of Reds bid

BBC Sport Online

Dubai International Capital has pulled out of proposed takeover of 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 they were unable to make a formal offer to shareholders.

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

The BBC's sports editor Mihir Bose believes Sheikh Mohammed was angry with Liverpool's courting with American tycoon who is expected to make a revised takeover bid.

Bose said: "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."

JANUARY 30
Reds board want more time

Ireland On-Line

The takeover of Liverpool was thrown into confusion tonight when the club’s board met in a London Docklands hotel – ahead of the game at West Ham – and did not formally accept the bid from Dubai International Capital.

The board, under chairman and owner David Moores, met to consider the second bid from George Gillett – the owner of Montreal Canadians ice hockey team – and it is believed decided they needed more time to make a decision.

That, though, is expected to be by the end of the week with the board accepting that they cannot delay a decision any longer, with the need to start work on the club’s new stadium in Stanley Park in March.

The Liverpool board’s lack of a decisive move has surprised DIC, who have completed due diligence and want to make their formal bid, via the Stock Exchange, for Moores’ 51.6% majority shareholding early next week.

They believed Moores was in favour of a bid which would have given the club’s chairman £80million at £4,500 a share.

Gillett’s original offer had been rejected before Christmas, but last week he submitted a new offer by letter to Moores which in effect upped the bid to give Moores £88million for his holding.

It is believed there are other board members – including representatives from Granada, who own 10% of the club – who also want to think again about Gillett’s terms.

A DIC source said: “We have worked very hard over a long period with Liverpool to come up with the best possible offer for shareholders and for the long term of the club.

“Our deal is not just about buying some shares, it is about financing the stadium, getting the stadium built and making money available for players."

JANUARY 25
Reds play down Gillett interest

By PA Sport Staff

Liverpool sources have insisted that "it doesn't matter" if George Gillett assesses the club's books or not as they are looking to proceed with their deal with Dubai International Capital.

Reports have surfaced that Gillett, an American, was to start examining the Liverpool books in advance of a rival bid for the Anfield outfit, but the sources insisted that such a move was merely his legal prerogative.

Instead the club could be a matter of weeks away from being taken over by DIC.

Liverpool chairman David Moores has already turned down a bid from Gillett, who also owns the ice hockey team Montreal Canadiens, but he has written to Moores offering improved terms.

But television reports that Gillett was due to start a process of due diligence do not indicate a change of stance from the club or DIC, who are intent on completing their £450million bid for control of the Merseyside club.

Gillett's latest move is considered to be a red herring by the Liverpool hierarchy, who are confident of securing a swift resolution to their negotiations with the Dubai company.

A source said: "It doesn't really matter what George Gillett does, he is able to see the club's books because he is a bidder for the club.

"But the club will continue working with DIC and are close to a satisfactory conclusion."

The club expect that DIC will be in a position to announce through the Stock Exchange that they have had a bid accepted for Moores' 51% holding in as little as a fortnight.

That would trigger the sale of the rest of the club's shares to DIC and the agreement to start work on a new 60,000 stadium at Stanley Park.

The return of Gillett to the scene in the past few days has been an irritant to the current Liverpool hierarchy, who have been involved in detailed discussions with DIC over ownership of the club as well as the Stanley Park project.

There are concerns on the Liverpool board that success for Gillett's rival bid would lead to a reopening of the debate over ground sharing with Everton, which the current club officials and the majority of fans oppose.

Moores has already reached agreement with the investment arm of the Dubai government on a deal which would see DIC purchase majority control for around £155million, assume £80million of debt and fund a new 60,000-seater stadium close to the club's existing Anfield home.

JANUARY 22
US bid delay to Anfield takeover

By Chris Bascombe - Liverpool Echo

The American billionaire who wants to reopen the Merseyside shared stadium debate was today linked with a fresh bid to take over Liverpool.

George Gillett Jnr, owner of the Montreal Canadians Ice Hockey club, is understood to be ready to delay the imminent Dubai International Capital takeover by reigniting his interest.

Liverpool FC has already decided to accept the DIC offer worth £450m.

But under company law Gillett is allowed to bid for Liverpool once DIC have completed an exclusivity period in the due diligence process.

Those same regulations also dictate Liverpool must permit the American to undertake his own assessment of the club’s books.

It is unclear what Gillett’s motives are other than to muddy the waters and further delay completion.

Having indicated he wants the Stanley Park plans reassessed, and a shared stadium with Everton considered, his interest won’t be welcomed either by the club or the supporters.

The sports tycoon is poised to make a bid which values LFC at around £170m – slightly more than the £155m DIC are thought to value the club at.

Gillett had a previous bid rejected last year.

JANUARY 16
Reds must wait on takeover

BreakingNews.ie

The takeover of Liverpool remains on course but is not expected to be completed until the end of the month or even early February.

The inspection of the club's accounts by the potential new owners Dubai International Capital (DIC) is continuing but Liverpool's directors have put off any idea of holding a board meeting until closer to the actual handover.

The due diligence process is now expected to be completed around the end of the month - meaning that the budget for any new signings for Rafael Benitez's side during the transfer window will have to be independent of any DIC cash.

Liverpool bosses decided against holding a board meeting today and will wait until DIC have virtually completed the due diligence process before the directors get together to discuss the £450m (€660m) takeover again.

A source close to the club told PA Sport: "Due diligence is continuing and going very well but no formal offer can be made until that is completed.

"Everything is on track and everyone is working towards completing the process by the end of the month.

"Speculation that a board meeting was being held today to finalise matters is inaccurate."

DIC, an investment arm of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, are pressing ahead with the takeover but inactivity over the Christmas period and the complicated nature of the deal - which includes funding a brand new stadium - means the due diligence is taking considerably longer than with the recent takeover of West Ham, for example.

JANUARY 14
Parry: Takeover of Reds is close

TEAMtalk

Liverpool chief executive Rick Parry has revealed the takeover by investors from Dubai is almost complete as legal work is being 'finalised'.

Dubai International Capital, the investment arm of the Dubai government, tabled a reported £450million bid in December and are currently completing legal formalities and the process of due diligence.

Parry told Sportsweek on BBC Radio Five Live: "A huge amount of work has been going on from both parts. I imagine we'll have something concrete to say relatively soon on that.

"They are finalising all the legal work. They have been examining the books and satisfying themselves that everything is fine on that score.

"There is lot of legal work to do and investigations going on into the funding of the new stadium, which is a very important project for us.

"It is a case of finalising the due diligence and pulling everything together, which we hope will be completed relatively quickly.

"It is looking positive and yes, I am confident (it will go through)."

Parry confirmed the takeover would bring in the additional funds that manager Rafael Benitez wants to strengthen his squad for a tilt at the Premiership title.

But he insisted DIC are interested in building a platform for long-term success and not just bank-rolling a quick fix.

The construction of a new stadium is central to the takeover bid and Parry said: "They will certainly help take us to the next level.

"Their whole business model, with the new stadium at the centre, is based on success and that you have to invest to stay at the top.

"It's not going to be a rich man's play thing. It is not a quick fix. It is not about rushing out to buy players for success this season or next season. It is about securing a model for long-term success.

"It helps that most of the key people we have been dealing with are genuine Liverpool supporters so they understand what we are about."

Parry defended Benitez's rotation policy, which came under scrutiny again this week after Liverpool were thumped 6-3 by Arsenal in the Carling Cup quarter-final.

He added that, while the takeover talk bubbles on, Liverpool are hard at work trying to strengthen their squad before the transfer window closes at the end of the month.

"We are working on a few things at the moment and the news will be revealed as and when we are ready. We are working hard on it," he said.

"We have a lot of games still to play and we have had a couple of injuries, so it is unlikely anyone will be going out."

Thor Zakariassen ©