NOVEMBER 24
Rafa opens arms to 'nice' investors

TEAMtalk

Liverpool boss Rafael Benitez has no problem with foreign investors coming into the English game - as long as they are "nice people".

With the Anfield club the subject of speculation over potential new owners from abroad, Benitez says he is more concerned about motives than nationalities.

Liverpool are believed to be involved in discussions with two main groups who are interested in buying into the club.

Chief executive Rick Parry and chairman David Moores have held talks with American sporting entrepreneur George Gillett and Dubai International Capital.

Gillett is the owner of the Montreal Canadians ice hockey club and formerly owned the Harlem Globetrotters.

Moores is believed to be considering selling his majority holding in a deal that could eventually cost £500m, including 200m for the new stadium in Stanley Park.

Benitez, aware of the growing concern over Premiership clubs falling into the hands of foreign owners, said: "The key is not whether it is foreign investment, only that it is by nice people who are thinking about the sport and the game with positive ideas.

"It is not where you are from, only what are your ideas. If people concerned are only getting involved for business reasons, it is not always the best situation.

"But if you are thinking about the game, about the club, and are thinking about improving the club and the team and to give them the possibility to win more trophies, then it is okay.

"It is not a problem over whether it is a foreign investor or a local one, just that they want to do the right things.

"Liverpool is a very famous club and I am sure there are people watching us. Everybody knows us.

"Certainly, when I was working in Spain, everybody respected Liverpool as a great club that won many trophies.

"Wherever you are from, you can be a Liverpool supporter."

NOVEMBER 21
Why I trust Moores to make right decision

By Ian Rush - Liverpool Echo

If Liverpool is sold in the near future, we must hope someone with a close affinity to the club takes over.

David Moores has been under a lot of pressure in recent years, but he's a fantastic man and has been a great chairman because he's always supported his manager.

All those who've worked for him should be grateful for the backing and patience they've received, particularly when you look at how often most clubs change the manager.

For all the criticism there may have been, it's always been reassuring for fans to know the person at the top of the club lives and breathes Liverpool and just wants the best for his club.

I can't pretend to not feel a bit concerned when I see some of the names linked with a takeover.

I've read numerous reports linking Liverpool to a Canada-based businessman, George Gillett. When you know so little about an individual from the other side of the world, it's a natural reaction to be worried.

We've been fortunate at Liverpool to have someone in control who first and foremost works for the love of the club.

Perhaps things have changed in football now to the point where people who see business opportunities are brought in, and if they actually have any feelings for the club they join it's a bonus.

We all know Liverpool must deal with the new financial realities, but that won't make it any easier to accept if the club is sold to someone perceived as an 'outsider'.

There's currently a major dilemma not only for Moores, but for all Liverpool fans.

To compete with the big boys like Manchester United and Chelsea, it's clear Liverpool need a huge investment and it's not necessarily a good idea to be fussy if someone makes a huge offer.

Liverpool must do what they have to in order to compete.

But having seen the takeovers at Manchester United and Aston Villa by American businessman, I can't help but hope Liverpool don't have to go down that path unless it's a last resort.

Liverpool has always prided itself on being a family club with a closer connection to their fan base than the likes of United and Chelsea.

If the wrong person takes control, this could be jeopardised.

I don't know the ins and outs of Liverpool's search for investment, or how serious the reported interest from abroad is, but I'm sure most fans would prefer someone who not only has the finance, but is also a fan.

Knowing Mr Moores as I do, I'm certain he won't sell to anyone unless he's 100 per cent certain they're right for Liverpool and have the club in their heart.

He's a fan like the rest of us, which is why I trust him to make the right decision.

NOVEMBER 20
Moores on verge of a deal to sell Liverpool

By Colin Wood - Daily Mail

Liverpool chairman David Moores is close to completing a deal which could see him sell control of the club before the end of the month while raising much-needed funds for a new stadium and investment in the team.

Moores and chief executive Rick Parry will inform the board at a meeting on Thursday of the state of negotiations with a number of parties, led by Dubai International Capital, whose head Samari Ansari is a Liverpool fan.

George Gillett, owner of the Montreal Canadiens ice hockey club and formerly the Harlem Globetrotters basketball team, is rated the other leading candidate to take control, but, although Moores and Parry have visited him for talks, it is understood he has still to make a formal offer.

Others who remain hopeful of sealing a deal include Belfast property millionaire John Miskelly, a Norwegian group led by Oystein Stray Spetalen and Petter Stordalen, and a consortium based in Switzerland put together by Robert Herd, the former chairman of Oxford United.

Moores has a 51 per cent stake in the club and will be a reluctant seller after three years of attempting to seek investment while retaining control.

But it appears he will have to accept that nobody will provide the money Liverpool need without taking over.

A sticking point has been the valuation of Moores' shares. He holds more than 17,000 and priced them at £6,000 each.

The best offer has been £4,000 a share, but agreement is much closer.

If he sells, the money would go to him, but he would seek a guarantee that the buyer would also take out the club's 15,000 unissued shares.

That money would go to the club, who are believed to be more than £80m in debt and need an estimated £200m for the new 60,000-seater stadium.

NOVEMBER 13
Liverpool close in on Gillett

Daily Mail

Liverpool have held further talks with the American tycoon George Gillett Jnr about a takeover of the club.

Chairman David Moores joined chief executive Rick Parry on last week's trip to Canada, where the reclusive businessman owns the Montreal Canadiens hockey team.

Moores was spotted in Gillett's suite during the Canadiens' victory over the Edmonton Oilers on Tuesday. Liverpool declined to comment on the visit but it seems Gillett may now be ahead of Dubai Holdings in the long-running search for new investment.

The former owner of the Harlem Globetrotters has declined to comment, but sources close to him have privately confirmed that he is a serious bidder.

It remains unclear how the multimillionaire would fund a full takeover of the club, with Moores having stuck to a valuation of about £300 million during the three-year hunt for new investors.

Moores and Parry are thought to favour a cash injection for a minority stake, with backing for a new 60,000-seater stadium, but Gillett's style is to buy businesses outright.

OCTOBER 26
Liverpool feel pressure to sell

By Mihir Bose - The Daily Telegraph

The clock is ticking for a decision on who will buy Liverpool. I understand the board are keen to settle this long-running saga – it has been going on for three years – before the club's annual general meeting, to be held in December or January.

At recent annual meetings there has been much acrimony about the failure to do a deal and the board are unlikely to want a repeat of such scenes.

There is also the commitment the club have made to the local council that they will start work on the new stadium, estimated to cost £200 million, by next year. However, until a deal is done, money secured and Liverpool's ownership settled, there is unlikely to be any progress on the stadium.

I understand Liverpool have four suitors, including a consortium led by Robin Herd, the former owner of Oxford United, a Belfast businessman, a rich Norwegian, and Dubai Holdings, who expressed interest some years ago and have renewed their interest.

In the past the sticking point in the negotiations has been David Moores, the chairman, who owns 51 per cent and did not want to relinquish control.

Liverpool have 15,177 unissued shares and discussion has centred on issuing these shares. Although local share dealings price each Liverpool share at around £3,000, Moores has talked of wanting £6,000 a share, which would bring £90 million into the club.

It would mean that while Moores' shareholding would dilute down to 38 per cent, he would still be the biggest shareholder and very much in control.

However, the revival of interest by Dubai Holdings suggests that now a complete purchase of Liverpool is on the cards.

Although Dubai Holdings are a public company, they are effectively controlled by the government of Dubai. Their chief executive, Mohammed Gergawi, is head of the office of the Dubai ruler, Sheikh Mohammed. The trend of recent Arab investment is to be very hands on, not passive, and should Dubai Holdings take over Liverpool this could mean big changes at Anfield.

Nigel Dudley, a Middle East specialist, says: "In the past, Gulf investors were happy to put in money and let others manage but that is not the case now."

It would also mean that the state of Dubai would have a prominent influence on two major clubs in the Premiership. In one, Liverpool, they would be owners. In another, Arsenal, the sponsors are Emirates, the state airline of Dubai.

Such an influence does not violate football's law on multiple ownership of clubs and clubs say sponsors exercise no influence, but it will mark a new trend.

OCTOBER 24
Analyst: Reds ripe for buyout

TEAMtalk

Liverpool are ripe to be the Premiership's next major buyout target, according to a financial analyst.

Dubai Holdings, a state investment vehicle overseen by crown prince Sheikh Mohammed bin Rashid Al-Makhtoum, are reported to have renewed their interest in bidding for the club.

Takeover rumours are rife at West Ham but Stan Lock, a stock trader for investment management company Brewin Dolphin Securities, believes Liverpool are a more attractive proposition, and insists oil-rich Middle East investors could purchase the club with "spare change".

Asked what made the Reds so appealing to investors, Lock said: "Firstly, it is one of the top clubs in Europe, they won the Champions League less than two years ago. How many top clubs are there in the Premier League at the moment that you can get hold of?

"If you were going to take over a club you would look at the top four - Manchester United and Chelsea have gone, and with Arsenal I should think it's only a matter of time before they're gone. That leaves you with Liverpool - that's your lot.

"This is what's happening; Manchester United and Chelsea have both gone into private ownership and that is looking like being the trend. Trading in football club shares is a nightmare - it's always in small tranches, you can never buy a lot of shares and half of them are held by the board.

"The only people that normally deal in football club shares are the supporters, everybody likes to have a certificate up on the wall saying they own a bit of their club. Really, apart from that, there is no reason why a club should be listed."

Last month, the Reds were able to guarantee £180million worth of funding was in place to build a 60,000-capacity all-seater stadium 300 yards from their current Anfield home, which in turn brought in development grants to regenerate the surrounding area.

Chairman David Moores, who owns a 51% stake in Liverpool, reportedly values the club at £300million and Lock added: "That's probably right. They will base that on future earnings and where the club is going to go.

"They are desperate for a new stadium and they do need new money to help build this, and this is where the present board can't go any further.

"It does need this extra investment and, if it is coming from the Middle East, it's going to be a bottomless pocket.

"They could buy Liverpool with their spare change, I doubt they would go in for an investment, it would probably be for the lot.

"The (United Arab) Emirates is coming into the game a lot, Emirates Airlines are sponsoring Arsenal's new stadium (to the tune of a reported £100million over 15 years).

"It just tells you that the money is there."

SEPTEMBER 20
Rick Parry: The truth on Anfield

By Chris Bascombe - Liverpool Echo

Liverpool FC today denied it is facing a 48-hour deadline to decide the future of the club's stadium plans.

Chief executive Rick Parry confirmed that a routine board meeting will take place on Friday, not an urgent session tomorrow as widely reported today.

At that meeting progress is expected on the search for multi-million pound investment.

He moved swiftly to calm the latest round of hysteria regarding a possible takeover of the club.

He said: "We h ave a board meeting on Friday. It's our regular meeting, not specially arranged.

"We're not expecting it to be a momentous occasion."

Liverpool's search for private funding for an £180m stadium on Stanley Park is, however, entering its final stages.

The club hoped the situation would have been resolved in July, but remain confident the plan will go ahead.

However, Mr Parry says claims that the club has until midnight on Thursday to prove funding is in place are also wide of the mark.

He said: "We have been speaking to the council every day, will continue to do so and will be speaking to them again after the board meeting on Friday.

"We are confident we are going to get funding for the stadium and we're continuing to work hard to proceed with our plans."

MAY 20
Kraft close to takeover

By Adam Bryant - LFC Online

Liverpool are finally on the verge of a takeover, after Robert Kraft indicated a deal was imminent.

Rick Parry visited the United States in January to meet the Krafts and commence early negotiations.

Kraft has since admitted that his company were on the verge of agreeing a £200m deal, with the Anfield board in agreement over the terms.

"We came very close to buying a Premiership team, very close," he said. "We like to acquire. We like to go forward, and are excited by the potential of soccer ownership in Europe.

"I have spoken to my dad a lot about it, and we agree we have to be offensive in our ownership mentality."

APRIL 22
Norwegian consortium
prepares bid for Liverpool

By Dominic Fifield - The Guardian

A consortium of Norwegian businessmen, who include in their number an environmental activist who once chained himself to the gates of Sellafield, are preparing a financial package which they hope will allow them to buy into Liverpool and end the European champions' lengthy search for major new investment.

The group have been put together by Oystein Stray Spetalen, a financial investor worth an estimated £150m, with their principal backer the hotel magnate Petter Stordalen.

The 43-year-old Stordalen is something of a celebrity in Norway, having championed the country's tourist industry and tied himself to a footbridge over a drainage pipe at Sellafield in 2002 after claiming radioactive emissions from the nuclear power plant were polluting the Norwegian coast. "It is my policy not to comment on any potential investments," Spetalen told the Norwegian newspaper Verdens Gang.

Stordalen owns 90% of the Choice Hotels Scandinavia group, Norway's largest hotel chain, and is believed to be attracted by the potential of building a hotel alongside Liverpool's proposed new stadium on Stanley Park, together with a possible casino.

The Norwegian pair have already sought advice on English football and Liverpool's future potential from the former Swindon, Sheffield United, Middlesbrough and Barnsley striker Jan Aage Fjortoft on the scheme. Fjortoft is currently manager at Lillestrom and Spetalen hopes he would play some role at Liverpool should they succeed in buying significantly into the club.

Liverpool opted against commenting last night but are aware of the group's interest, though privately they are sceptical whether the Norwegians value the club at the £200m the current chairman David Moores believes it to be worth. The Norwegians' clout could be increased significantly should the building magnate and long-standing Liverpool suitor Steve Morgan become involved in their bid, as has been mentioned in Norway.

Morgan, Liverpool's third largest shareholder with a 5.5% stake in the club, has twice been knocked back by Moores having submitted proposals to increase his holding, the chairman insisting he had undervalued the club. The Garston-born businessman sold shares estimated to be worth around £240m in his Redrow building firm in 2000 and boasts an estimated fortune nearer £370m.

Liverpool have been searching for new investment for more than two years having first appointed financial advisers Hawkpoint Partners to attract funds into the club in March 2004.

Various schemes have been mooted, with potential deals with Thaksin Shinawatra, the media investment group L4 and the United States based Kraft family coming to nothing. Last month they similarly dismissed an approach from the Spanish businessman Juan Villalonga.

MARCH 30
Soccer analysts urge calm
over Anfield takeover talk

By Bill Gleeson - Daily Post

Financial experts have warned Liverpool fans should not to become too excited by yesterday's announcement that the club was in takeover talks.

The experts say that a statement issued by the club to the Stock Exchange saying it was in talks with a number of investors about a possible sale of chairman David Moores controlling stake contained nothing new and was likely to be purely procedural.

The statement was issued to comply with procedures that govern the sale of businesses that experience significant public interest in their shares.

They mostly apply to companies quoted on the stock market and it is rare that private companies like Liverpool make such statements.

"Liverpool have been in talks with the likes of the Thais and the Kraft family for two years now. I don't think this announcement means much has changed since six months ago.

"I wouldn't expect any imminent deal," said Neil Blankstone, a director of Liverpool stockbroking firm Blankstone Sington.

The firm acts as a broker for anybody wishing to buy or sell Liverpool shares.

Corporate finance adviser James Dow, who runs his own corporate finance firm Dow Schofield Watts and who has previously advised Everton, Barcelona and Ajax, said the timing of yesterday's announcement was likely to have more to do with Liverpool's recent switch of financial advisers.

The club recruited the services of accountants PricewaterhouseCoopers to replace City investment group Hawkpoint last summer. Mr Dow said some advisers are more inclined to adhere to the letter of the City takeover code than others.

However, Alan Switzer, a consultant in the sports business group of accountants Deloitte, thought the timing of the announcement was significant.

He said: "Clubs don't usually make statements like this as a reaction to speculation. If there was nothing to it they would quash it. This is not that type of statement. There could be something to it."

Liverpool are anxiously searching for new money ahead of a deadline for the funding of their planned new stadium at Stanley Park.

Liverpool has until mid-April to get the funding together to finance the stadium or face losing financial support from Merseyside's Objective 1 programme.

In addition the club needs funds to buy new players and Mr Moores is thought to be looking for around £100m for his 51.5% stake in the club.

MARCH 29
Liverpool could fall to £200m takeover

By Miles Costello - The Times

Liverpool football club have gone into talks with "a number" of potential investors in a move that could lead to a full-blown takeover bid for the Premiership team expected to value the business at about £200 million.

Liverpool, led by its chairman and majority shareholder David Moores, confirmed the talks in a statement to the stock market this morning.

It did not name the potential investors, although the current European champions have been linked with Spanish multi-millionaire Juan Villalonga, the billionaire family behind the Kraft business in the United States and local businessman Steve Morgan, who last year made an unsuccessful investment approach.

Robert Kraft is chairman and chief executive of American football team the New England Patriots and has made overtures to Liverpool in the past. The Kraft family is still believed to be interested, although talks last time broke down over price.

It is understood that Mr Moores is now more willing to sell out of his shareholding in the club as long as the price is right. However, the club is more keen to secure investment funds to finance a new stadium and buy additional players than it is to embrace a full-on takeover.

It is known that the Liverpool board believe the club is worth about £200 million.

A new stadium could also cost about £200 million, although sources point out that this is highly variable as Liverpool have yet to find a definite site for a new ground or secure relevant planning permissions and consent.

Liverpool is working with its corporate finance adviser PricewaterhouseCoopers on the investment talks.

The club said today: "The Board of Liverpool FC has noted the recent press speculation concerning possible third party investment into the club and can confirm that it is continuing discussions with a number of parties regarding a potential investment of new funds into the club.

"Although the structure of any such investment is uncertain, it may include an offer for the entire share capital of the club. Shareholders will be kept updated as appropriate."

Liverpool is known to have strong international ambitions to expand. Domestically, the club is third in the Premiership behind Chelsea and Manchester United.

Although Liverpool won the European Cup last year in a victory expected to have been worth millions in revenues, this year it was knocked out in the round before the quarter-finals by Portuguese opponents Benfica.

MARCH 26
Villalonga: I'll make Reds a global force

Kop Talk

Spanish businessman Juan Villalonga - the latest person to be linked with potential investment into the club - believes he can quadruple Liverpool's income if he's onboard.

The London-based controversial character is reportedly prepared to buy a stake in the club for £42million but there's no mention of any additional funding at this time although there are claims that he would be prepared to inject "massive cash".

Villalonga has employed Rothschilds to negotiate with Price Waterhouse Coopers who are acting on behalf of LFC who have refused to comment.

There are many question marks over his head though about his business activities with accusations of insider trading when he was president of Telefonica which eventually saw him resign from his position.

It is also unclear as to where where the money would come from, be it out of his own pocket or from the pockets of a consortium.

He has business interests around the world including his own construction business which builds low-cost housing in Eastern Europe and Latin America. He's also president of London-based internet telecom giant Telnic.

Liverpool have been looking for a minor investment like this one (in simple terms) rather than a total take-over/buy out which is what L4 were proposing.

MARCH 23
£100million boost for Morgan

Kop Talk

Multi-millionaire Steve Morgan looks set to become around £100million richer after whispers suggest he has received an offer in excess of 800p per share for his 13.4pc stake in Warrington-based leisure and hotels group De Vere.

At least three private equity groups have been circulating above Morgan for months and it would appear that giants Blackstone have made a serious offer. A 750p a share takeover approach was rejected in December.

Self-made Morgan is already minted but if he pockets just under £100million this could prompt a fresh takeover attempt from the die-hard Red.

Liverpool FC chief executive Rick Parry and chairman David Moores will be monitoring these developments closely.

MARCH 22
Parry: No investment imminent

Kop Talk

Liverpool chief executive Rick Parry says that the club has not agreed a deal that will see a new investor brought in and sadly he claims nothing is lined up either.

The wallet insists the hunt will go on though as it remains "a very high priority". The good news is that Rafa should be around to see what transpires.

Parry said: "The decision by Rafa Benitez to commit his future to Liverpool FC demonstrates clearly that club and manager are bound together by the same vision.

"Our mutual goals haven't changed and because he was prepared to re-commit himself to this club, we are now taking the opportunity to extend his contract which will hopefully quell all the speculation about a possible return to Spain or a move to Italy.

"I would like to make it clear that there were no specific conditions attached to his proposed new arrangement.

"Some newspapers have suggested that a deal to bring new investment into the club has been concluded and that this somehow inspired Rafa to commit to us.

"This is not the case although clearly it remains a very high priority. We are still working as hard as ever down this front, as explained at the Annual General Meeting. Rafa understands this and he knows exactly what we are trying to achieve.

"Hopefully all of this will lead to further progress in other areas, but there is nothing around the corner."

FEBRUARY 24
Reds' change for the better

By Chris Bascombe - Liverpool Echo

After two years of dissent, the Liverpool board must have felt they were addressing a supporters' club meeting rather than shareholders at Anfield last night.

In recent times, the audience stood in line to register their concern at how Liverpool was being run.

The only queues last night included the hundred or so waiting for Rafa Benitez's signature, or those using their digital camera to be photographed with the manager and European Cup.

Such are the fluctuating fortunes of those in the firing line at top football clubs, not a single hand was raised in opposition to David Moores' re-election to the board.

The contrast to 2004 and 2005, when Moores felt under so much pressure he considered stepping down, couldn't have been more extreme.

The matter-of-fact reelection to the board of the chairman was secured without a squeak of opposition. What a difference a year, and a Champions League win, make.

Sadly for Moores, he wasn't well enough to acknowledge the ringing endorsement he received.

The chairman and director Noel White were forced to miss the meeting due to illness, forcing fellow director Keith Clayton to fill the void.

Liverpool expected a low key meeting, and that was partially guaranteed when Clayton read a prepared statement to pre-empt questions related to the search for investment and the new stadium.

"While progress has been made, unfortunately we are not in a position to give more information at this stage," said Clayton.

"We hope shareholders understand the issues regarding confidentiality. We hoped it would be possible to give more information. We know it's been going on a long time but this will be a critical decision in the club's history and we need to get it right. We will make a statement as early as possible.

"We are still committed to a new stadium as opposed to doing nothing, which is not an option."

Several questions on the issue did follow, but the board simply re-directed shareholders to the initial remarks.

Shareholder Steve Morgan, so often the most vocal of the board's critics in the past, echoed the conciliatory mood.

Morgan was the first shareholder to address the board and primarily used the opportunity to congratulate Benitez on his extraordinary success in Istanbul.

There was then a gentle but pointed reminder to the boardroom they still have a lot of work to do to avoid what he called 'financial dangers'.

"I'm sorry David Moores and Noel White are not here because it's a special night," said Morgan.

"Istanbul was the best ever. Thank you. We all remember our wedding day and our children being born. Now we have another day to remember."

Morgan queried Liverpool's claim to having debts of around £17m, suggesting the real figure was nearer £75m. Liverpool used their own figures to dispute this.

Morgan based his argument on the fact many of Liverpool's signings have been paid for on credit, with payments spread over numerous seasons.

"Given the debt we have, it's imperative we get this extra investment," said Morgan.

"I'm standing here to emphasise we are in a dangerous time. I'm sure Rafa will be keen to add to his squad. It's to the club's credit they have backed him so far.

"Manchester United takes well over double what we take on a match day and we need the cash in from match receipts to match them and Arsenal with its new stadium from next season.

"Please directors, we have been at this for two-and-a-half years. We need to put it to bed and sort it out."

Liverpool's directors were also asked if they have a 'Plan B' in place should their Stanley Park project fall through.

It emerged it could be as long as four years before a new stadium would be complete, even if the club do press ahead.

"There are other options we are looking at," revealed Clayton. "If they are without normal risk perimeters we will go down them."

In a meeting at least an hour shorter than the last two years, the other contentious issue surrounded the timing of this year's fixture at Blackburn, held on April 15.

Some fans registered their disapproval, regardless of the change in time to 5.15pm. "We've agreed the best of a bad range of solutions," said Rick Parry, stressing the club has been in constant dialogue with the Hillsborough Family Support Group.

FEBRUARY 23
Morgan insists Reds need fresh investment

BreakingNews.ie

Liverpool’s mounting debt and their failure to secure funds to finance new stadium plans came under fire from shareholders at the club’s AGM at Anfield.

Manager Rafael Benitez received a rapturous reception at the meeting after the club’s Champions League triumph.

But the club’s third largest shareholder Steve Morgan – a long-standing critic of the board – questioned the size of debt.

Morgan also pleaded with the club to sort out the financial package needed to save the Stanley Park new stadium scheme, which acting chairman Keith Clayton admitted would now cost approaching £160m.

The club’s accounts revealed the net overall debt is £17m, but Morgan - who has three times tried to buy into the club – insisted the total debt was over £70m.

Morgan said: “When you take into account creditors and the worsening financial conditions, the debt I believe is nearer to £73m.

“It is now imperative to get extra financial investment, we are on a dangerous line and new investment is needed sooner rather than later.”

With chairman David Moores and senior director Noel White both unavailable due to illness, director Keith Clayton was acting chairman, and he said: “It is still our view that we need further investment to sustain success on the field and the new stadium.

“Progress is being made but for commercial reasons we cannot say anything at the moment, we are bound by confidentiality.

“We had hoped to be able to announce something at this meeting but that has not been possible. We are at a critical point of our history and we need to get this right. There will be a further statement in the future.”

He added: “We need funds and progress is being made. But we accept that the estimate of £160m for the new stadium is not far away from the figure, but we do have contingency plans here at Anfield, plans B and C.”

Morgan added: “We still need investment. Manchester United still make double what we do on match days.

“All I can say to the board is that we have been waiting for over two and a half years and we need the investment sorted out.”

Shareholders criticised the fact that Liverpool are playing on the date of the Hillsborough tragedy, April 15.

Their game against Blackburn has now been moved to 5.15pm for that day so as not to clash with the memorial service, but the decision to play was roundly criticised.

The financial report shows that the club made a profit after tax of £7.53m on the year which included their European triumph in Istanbul, compared to the previous year’s loss of £18.22m.

But the net debt has risen from £15.38m to £17.14m.

The accounts will also reveal that the club have cut their wage bill from £66m to £64m, which is 53% of overall turnover, compared to 72% the previous year.

Turnover on the back of the Champions League success, which includes increased merchandising, has risen by 32% to £121.05m, compared to the previous year’s £91.57m.

FEBRUARY 23
Moores position boosted
by Champions League success

By Chris Bascombe - Liverpool Echo

With the European Cup sitting proudly alongside him, Liverpool chairman David Moores can anticipate a more comfortable evening in front of Anfield shareholders tonight.

While there are sure to be probes into Liverpool's progress as they seek a much needed cash injection, the drama of recent meetings is unlikely to be repeated.

After emotional meetings in 2004 and 2005, Moores said he would 'consider his position' if the club's performance on and off the pitch didn't significantly improve.

The presence of the Champions League trophy in the Bill Shankly Suite tonight is the sweetest possible vindication of his decision to stay put.

Extraordinary success on the pitch will be the main focus for the board, but Moores can also emphasise a much improved financial situation over the past 12 months.

The Reds are 'back in the black' with a pre-tax profit of £9.5m - a stark contrast to the losses of £21.9m in 2004 when Gerard Houllier and his back-room team departed.

The post tax profits of £7m are the best since 2002 and eclipsed those of Manchester United, while the club's turnover increased 32 per cent from £91.6m to £121m.

Liverpool have also invested £46m on new players during the financial year, which is more than they've ever spent before over the same period.

Undoubtedly, the financial outlook looks much more settled thanks to Liverpool's Champions League success, which was worth £28m.

However, Liverpool's hopes of building a new stadium on Stanley Park remain in the balance until they secure multi-million pound investment.

Chief executive Rick Parry will report on the board's progress attracting new business partners and reveal how discussions with several parties have reached an advanced stage.

US tycoon Robert Kraft was the most high profile name linked with Liverpool last summer.

The Reds have been attempting to secure a stadium sponsor to help meet the estimated £160m cost of building a 55,000-seater stadium on Stanley Park.

Clearly Moores will have much more positive ammunition at his disposal compared to recent seasons.

Other significant issues likely to be discussed include Liverpool's dispute with Reebok, which has seen the sportswear giants refuse to pay £7m to the club due to a delay in securing a shirt sponsorship deal last May.

Both Granada, who failed to secure a new deal with Carlsberg which reflected Liverpool's market value, and Reebok could be seen as letting the club down in the aftermath of their Istanbul triumph.

Retail revenue increased by a mere five per cent.

Liverpool's annual financial statement admitted a 13 per cent increase in sponsorship revenue in the year the club won its fifth European Cup was "the most disappointing aspect of the season's overall financial picture".

Thor Zakariassen ©