Chinese Tycoon To Takeover Liverpool

A Chinese tycoon is in negotiation with the Royal Bank of Scotland to take control of Liverpool, and a deal could be completed in few days. Kenny Huang, partnered by one of the biggest sovereign wealth funds in the Far East, wants to take over the reins from Tom Hicks and George Gillett by the end of the transfer window.

Huang approached key figures at Anfield last month in an attempt to avert a summer exodus of players. He is understood to have been talking for several weeks to representatives of the RBS and a source close to the deal claims the buyout could be completed before the end of August, according to the BBC.

"A deal has to be done before the transfer window closes [on 31 August]," the source is quoted as saying. Huang has made a firm proposal. The club's board has to sanction the sale and it could be sewn up in few days. Kenny is the only serious bidder interested in the club and he's optimistic," the source added: ''

Hicks and Gillett took over three years ago in a leveraged buyout and owe RBS about £237million. Hicks has consistently quoted an asking price of £800m but business analysts deem this unrealistic, saying £325m is a more reasonable figure. Huang values the club at about £350m. The approach by Huang guarantees RBS the repayment of the vast majority of the loan because the bid guarantees to clear the club's debt. Liverpool manager Roy Hodgson would be given funds to add to his squad. As well as generating revenue, Huang plans to build a new stadium as quickly as possible.

Middle East businessman Yahya Kirdi also re-emerged as a potential investor for the second time in four months. The former Syria football international, who claims to represent a consortium of wealthy Arab businessmen, is reported to have been introduced to senior figures from Anfield and RBS. But club sources insist that no bid is expected from Kirdi or his backers on this occasion.

Liverpool chiefs and RBS, who are obliged to listen to any proposals put forward by Gillett and Hicks, feared Gillett was simply using the Syrian's interest to buy himself time to find an investor who will meet the valuation set by the co-owners.

Source: BBC

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