Wednesday, February 27, 2008

DIC close to 50% stake in Liverpool

Reports of Gillett to sell his Liverpool share to DIC, while Hicks denies exit talk

Reports are mounting that George Gillett is all set to sell his 50% stake in Liverpool to Dubai International Capital (DIC). His relationship with Tom Hicks is beyond repair, and he is now looking for a way out of the doomed partnership. A specialist team of bankers and solicitors have been put in place by the investment arm of the Dubai government as it awaits permission to study the club's books, which it is understood will be granted shortly.

DIC are reportedly willing to purchase his share, but not in a deal that will leave Hicks in charge of Liverpool. They are looking to make immediate decisions on the Liverpool's future post the deal, and will look to either dilute or purchase some of Hick's share so they will have majority control of the club.

It is anticipated the deal to purchase George Gillett's 50% share could be concluded within three weeks, and then lead onto a second stage whereby attempts will be made to gain majority control of Liverpool.
Hicks meanwhile has reiterated his stance on holding onto his stake in Liverpool, again making a long term commitment to the club. Whether this position will be held in the medium to long-term given his inability to buy out his partner remains to be seen. Liverpool's fans will be delighted at developments and will hope that Hicks also sells his stake in the not to distant future.
Its a fascinating but worrying time to be a Liverpool fan, and this tale is sure to have many twists and turns yet!


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