Kenneth Huang, a Chinese billionaire, has made a direct offer to the Royal Bank of Scotland to buy Liverpool’s £237 million debt and oust the club’s current owners, George Gillett and Tom Hicks.
In an effort to delay RBS accepting the offer, Gillett has presented Syrian businessman Yahya Kirdi as a viable bidder for Liverpool. Gillett informed RBS last week that he was in advanced negotiations with Kirdi, a former Syria international footballer, after Huang entered into talks with the bank over a deal that would see the American and his partner, Tom Hicks, exit Anfield without any profit.
Huang’s bid will have the financial clout to provide the Spaniard with the squad reinforcements he has made plain he wishes to see if he is to stay on Merseyside and will clear the club of debt, but that proposal is unattractive to Hicks and Gillett. By approaching RBS directly, Huang hopes to seize control of the club by guaranteeing the repayment of the vast majority of the debt the Americans have laden on to Anfield. His offer, though, will fall far short of the £600 million price Hicks and Gillett expect for their shareholding in the club.
As a condition of the refinancing deal put in place this year — which coincided with the appointment of Martin Broughton as Liverpool’s chairman — RBS can take control of the sale and negotiate a deal should they feel such action represents the best course to repay their loan and secure the sale of the club.
Gillett, though, had hoped to delay the process by introducing Kirdi as a possible alternative, to force Huang — who hopes to conclude the deal in the coming days to ensure manager Roy Hodgson has the chance to strengthen his squad this month — to make an improved offer.
RBS, who are obliged to listen to any bids raised by the club’s owners, have granted him time to discuss a deal with the Syrian, though sources at Liverpool have dismissed the idea that the businessman is a legitimate contender to buy the club and he is not expected to lodge a firm bid.
Kirdi, a long-term friend of Gillett’s son, Foster, was first linked with a takeover in April, but an offer failed to materialise after it emerged he was not, as suggested, backed by funds from the United Arab Emirates.
The Americans officially put the club up for sale in April, appointing Broughton as chairman and Barclays Capital to oversee the process. As recently as July 1, Broughton was bullish about triggering an “auction” for the club, insisting a sale could be completed before the end of the summer transfer window.
However, no firm offers have been received and RBS face the prospect of Hicks and Gillett retaining control beyond the end of the month, when Liverpool become a significantly less attractive proposition, thanks to the closure of the transfer window.
Despite reports that RBS had, with the appointment of Broughton, agreed to refinance Liverpool’s debt for another year in order to grant the British Airways chairman time to guarantee a sale, the bank has the option of calling in a portion of the debt in October.
Should Huang’s bid be rejected by the bank and no offer at the level Hicks and Gillett hope be forthcoming, Liverpool’s loan could become distressed debt, raising the spectre of the club being put into administration.
Meanwhile, Liverpool lost 1-0 to Borussia Mönchengladbach in Germany yesterday. Joe Cole made his first appearance in a red shirt, while Glen Johnson, Steven Gerrard and Jamie Carragher all featured.
Roy Hodgson, the club’s manager, is “in contact” with Juventus midfielder Christian Poulsen over a potential £4 million move, the player’s agent has revealed.
Emiliano Insua’s move to Fiorentina has collapsed after the Argentine failed to agree personal terms.
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