Dubai International Capital's (DIC) bid to buy into Liverpool appeared to have hit the rocks on Monday after the club's co-owner Tom Hicks said he had terminated negotiations with the investment arm of the Gulf Emirate.
In a statement, Hicks said that discussions between his representatives and DIC in Dubai earlier in the day had led him to decide "to terminate any further discussions with DIC regarding their possible purchase of a minority stake" in Liverpool.
"DIC made it clear that if they invested in the club, they would want it to be managed by committee," he said. "Based on my 13 years of successful experience as an owner of professional sports teams, and based in particular on the situation at Liverpool Football Club over the past year, it is clear to me that such a committee approach would not be in the best interest of [Hicks holding company] Kop, of the club or of the club's loyal and passionate supporters."
"Accordingly, I have decided to exercise my right under the Kop Football (Holdings) Limited partnership agreement to veto any sale of any portion of Kop and the Club to DIC. I and my colleagues and representatives will continue to explore a number of other options with regard to the ownership of Kop and the club aimed at achieving an appropriate ownership, financial and organizational structure for Kop and the club over the long term," Hicks said.
The announcement came just hours after DIC said it was in "advanced" discussions with Hicks, whose partner and co-owner George Gillett had signaled a willingness to sell his 50 percent stake. Under the terms of the accord under which they acquired Liverpool however, Gillett was unable to sell without the agreement of Hicks.
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