Dubai: Dubai International Capital (DIC), the investment arm of the Dubai Government, is planning to launch a £500 million (Dh3.64 billion) bid to buy Liverpool Football Club, BBC Sport reported on Saturday without citing any source.

According to the report, DIC is in the process of making a full buyout offer to American co-owners George Gillett and Tom Hicks.

DIC was originally thought to be ready to make an offer for Hicks’ 50 per cent share, But BBC website said yesterday that DIC is looking forward to make an offer for a complete buyout.

DIC was close to buying the club in January 2007, but pulled out when Liverpool refused to agree to a deadline on the deal and moved into advanced negotiations with Hicks and Gillett.

DIC backed away from a £150 million price tag for a 15 per cent stake in Liverpool last October, but the financial uncertainty surrounding the club has aggravated and there is hope that a new offer will prove more tempting.

Gillett and Hicks are currently attempting to finalise terms on a £350 million loan that would enable them to repay money borrowed for their £219 million takeover, repay loans used to sign players, and enable them to start work on a re-scaled plan for a new stadium in Stanley Park.

According to the report, the offer will be made swiftly to present the American duo with a get-out clause before they take out the massive loan.

Pressure on Hicks

Hicks, in particular, is under pressure after being subjected to heavy criticism from fans following public disagreements with popular manager Rafael Benitez.

He has also come under fire for his public admission that talks were being held with Jurgen Klinsmann about possibly succeeding the Spaniard.

Liverpool fans will turn the heat on Gillett and Hicks with an orchestrated protest at Monday night’s game against Aston Villa.

Liverpool supporters are also concerned at how much of the £350 million loan will be shifted on to the club’s books – with crippling interest payments.

A spokesman for Gillett and Hicks denied the sales talk. “Any suggestion that Hicks and Gillett are contemplating a sale of the club or any portion of it is categorically untrue,” the spokesman was quoted by the BBC as saying.

Source: Gulf News

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