Thursday, February 01, 2007

DIC Pull Out Of Liverpool Deal

The Dubai International Capital investment group have pulled out of a proposed takeover of Liverpool.

The group, owned by the Dubai government, had been examining the club's books with a view to a £156million buy-out.

And their decision to withdraw follows the failure of the Liverpool board to accept the offer last night, following a rival bid by American billionaire George Gillett.

A statement read: "Dubai International Capital LLC today announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club.

"Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.

"The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."

The news prolongs Liverpool's long search for the outside investment they believe they need to compete at the top end of the Premiership and in Europe.

DIC had been their most likely suitor and entered into discussions with the club late last year.

The deal would have valued the club at £450million but the Dubai group have decided to withdraw following the board's decision to allow more time to consider the Gillett bid.

Gillett, owner of the Montreal Canadiens ice hockey team, has proposed a deal which is thought to offer shareholders more for their holdings.

Sameer Al Ansari, executive chairman and chief executive officer of DIC, said: "We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.

"At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.

"We were also prepared to offer shareholders a significant premium on the market price of the shares. However, we will not overpay for assets."

Drogballs: I seriously don't know what to say. After months of anticipating and waiting for that 'imminent' move, the board dillied and dallied, waited and waited and finally DIC says take this or f**k off.

And then the American Gillett decides to enter the picture from out of nowhere and offer another deal. With more money involved, the board seemed to sway towards him and that's it, two months of waiting, back to square one.

Sometimes I wonder whether our board are really a bunch of arrogant people who thinks that because they own Liverpool, a prestigious club, they have the f**king right to stop the world from spinning.

Reading Steven Gerrard's book on how the board dealt with his contract row makes me sick. Now this. Can we afford to wait again?

I don't know much about business takeovers and corporate stuff but I sincerely hope Parry, Moores and his lackeys know what they're doing. If they don't have a back up plan than go ahead, laugh at us.

Anyway New Anfield to be build in 2049 I assume. Gutted.


psychohare said...

every Liverpool supporter would be as pissed as u are right now... to be very honest, i cant see any takeover to be as good as the one from DIC. They are dedicated in doing a good job, work hard in figuring out all the paperwork, did the necessary paperwork, yet when everything is done, The Liverpool Board, who doesnt have to do a single thing, are swayed by Gillett... if Gillett is going to takeover, and still wants to have a shared stadium, i'll curse them to death. If they abandon their bid, i'll curse them even more...
DIC has the best financial power to support Liverpool's ambition, and rival Chelsea and Mancs money... now we are back to square one... just like u said...
very very Gutted... the supporters, Rafa and DIC certainly dun deserve such treatment...


I was pissed but then thinking about it, seriously, we don't know much about what has happened within the board so we should not jump to conclusion too fast.

We're always fast to jump on Moores and the board but what if DIC is not what we always made them out to be?

To me, they seemed like someone who always got what they want and when things don't go their way they throw tantrums and not wanting to challenge.

Perhaps we don't know about Gillett that's why we want DIC more. Perhaps he just had a better deal for Liverpool and we don't know about it.