Roma77
Bastion of O.T.K.
Boss or Toss? +24/-59
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Posts: 1453
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« on: February 08, 2010, 11:55:08 PM » |
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THE TIMES Tuesday February 9 2010
Liverpool emerged as a takeover target for the seventh-richest man in the world last night as the pressure
mounted on Tom Hicks and George Gillett Jr to cut a deal to sell Anfield.
Mukesh Ambani, the wealthiest man in India, is one of two tycoons
from the sub-continent competing to buy a stake in the Merseyside club.
The Sahara Group's chairman, Subrata Roy, and Ambani's Reliance
Industries have each tendered similar bids to pay off Liverpool's £237 million
debt in return for a 51 per cent stake in the club.
Last night Christian Purslow, the Liverpool chief executive, denied
any knowledge of either bid, but The Times understands that approaches
began as early as November and that some preliminary talks have taken
place.
Each deal requires that the present owners make a commitment to take
no dividends or expenses out of Anfield for three years to allow the
club to resume a secure financial basis.
One of the potential owners has also indicated a willingness to allow supporters to take a 10 per cent stake in
Liverpool.
A source close to Hicks and Gillett said that the duo would reject on principle
any bid that left them with less than 50 per cent of the club's shares
unless it involved either of them selling out entirely.
A sale of more than half of the total stake would mean they would lose control of the club.
It is understood that Liverpool's banker, the state-backed Royal Bank
of Scotland, is pressing Hicks and Gillett to cut their asking price.
The bank declined to comment last night, but a source close to RBS said
that there has been plenty of interest in Liverpool from investors.
However, the source added, the owners are blocking all deals on the table because
they refuse to budge on price.
The source said the bank's stipulation that the pair must pay off
£100 million of the debt and inject tens of millions of pounds into the
club was intended to push them into an agreement with a new investor that would permanently stabilise Liverpool's
finances.
A number of other potential bidders include a Saudi Arabian consortium
and a United States-based buyer, who is prepared to pay the £100million
required by the lenders in exchange for 40 per cent of the club.
Roy, whose interest appears more serious, has been linked with ownership
of one of the next IPL franchises, possibly to be based in the north Indian
city of Lucknow, where the Sahara Group, of which he is chairman, is based.
Roy, 62, founded the company, which deals in property, media and
tourism, in 1978. Its four-year sponsorship
deal with the India cricket team, worth £55 million, expires this year
and Roy could be looking for a new project. Sahara was linked with shirt sponsorship of Manchester United
last February, a deal that fell through. mbani, 52, is said to be worth
$19.5 billion (about £12.5 billion) - more than the combined worth of Sheikh Mansour and Roman Abramovich
- from his investment in Reliance Industries, a petrochemicals
giant, according to Forbes business magazine.
Amongst other things there are two valuations that just don't add up there:
1. £237m to buy 51% which means that the club is worth over£470m.
2. £100m to buy 40% which gives a value of £250m.
Almost definitely just another blind alley.
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Logged
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Support - to agree with and give encouragement to someone or something because you want them to succeed,especially in their times of need.
Boo - to make an expression of strong disapproval or disagreement against someone or something even when they are top of the league, usually done by gobshites
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