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March 10, 2008
Tom Hicks 'terminates' talks with DIC
Times Online and Agencies
Tom Hicks, the Liverpool co-owner, has terminated talks with a Dubai consortium over acquiring a minority stake in the Premier League club.
His decision comes hours after Dubai International Capital, he private-equity investment arm of the Dubai Government, said its negotiations with co-owner George Gillett Jr. were moving along. Over the weekend, Hicks denounced DIC's conduct in trying to acquire 49 percent of the Reds from Gillett.
"Based on a meeting held earlier today in Dubai between my representatives and officials of Dubai International Capital LLC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the Club.," Hicks said in a statement.
"DIC made it clear that if they invested in the Club, they would want it to be managed by committee. Based on my thirteen 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 Kop, of the Club or of the Club's loyal and passionate supporters.
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"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."
DIC had said earlier on Monday that talks to buy a stake in Liverpool Football Club were at an 'advanced' stage.
"Dubai International Capital confirms that it is in advanced discussions with the co-owners of LFC but that no agreement has been reached on price or shareholding percentage," DIC said in a statment.
DIC had agreed a deal with George Gillett Jr, Liverpool’s other co-chairman, to buy 98 per cent of his stake in the club – 49 per cent of the company – with Hicks buying the remainder, which would give him 51 per cent of the shareholding.
DIC had accepted that Hicks would not sell his share in Liverpool in the near future, but had insisted on a clause giving them first refusal to buy his stake.
Ian - The money to be made from soccer isn't in the same league as that made from sports here, and is insignificant compared to the amount of money DIC make from others sources, especially given the capital investment required to spend on players. DIC want to own Liverpool to make them successful and use them as a marketing tool for Dubai as a place to do business. As long as the club doesn't become a huge cash sink as Chelsea is becoming for Abramovich I doubt they are overly worried about the relatively small returns.
Neil, Baltimore,
Liverpool FC's problems this year have been on the pitch and not anything at all to do with the NA owners. The sooner fans understand this the more they can pressure management to do a better job in the Premier League.
And why do fans so routinely think that DIC would represnt a better owner?
Ian, Madison, USA
We all agree that Hicks is as useful to Liverpool as a pair of sunglasses on a man with no ears. However, with this so called powershare (which will hopefully result in DIC buying Hicks out in time), maybe the super stadium plans can be reinstated. We need to look at how we can USE Hicks to our advantage, before turfing him out.
More importantly short term - Inter Milan. Come on Rafa, show the world you are untouchable in European football, and ultimately in time, in the Premiership. Come on lads, we are all behind you!
Tom Hicks 'terminates' talks with DIC
Times Online and Agencies
Tom Hicks, the Liverpool co-owner, has terminated talks with a Dubai consortium over acquiring a minority stake in the Premier League club.
His decision comes hours after Dubai International Capital, he private-equity investment arm of the Dubai Government, said its negotiations with co-owner George Gillett Jr. were moving along. Over the weekend, Hicks denounced DIC's conduct in trying to acquire 49 percent of the Reds from Gillett.
"Based on a meeting held earlier today in Dubai between my representatives and officials of Dubai International Capital LLC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the Club.," Hicks said in a statement.
"DIC made it clear that if they invested in the Club, they would want it to be managed by committee. Based on my thirteen 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 Kop, of the Club or of the Club's loyal and passionate supporters.
function pictureGalleryPopup(pubUrl,articleId) {var newWin = window.open(pubUrl+'template/2.0-0/element/pictureGalleryPopup.jsp?id='+articleId+'&&offset=0 &§ionName=FootballTeamLiverpool','mywindow','m enubar=0,resizable=0,width=615,height=655');}Related Links
"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."
DIC had said earlier on Monday that talks to buy a stake in Liverpool Football Club were at an 'advanced' stage.
"Dubai International Capital confirms that it is in advanced discussions with the co-owners of LFC but that no agreement has been reached on price or shareholding percentage," DIC said in a statment.
DIC had agreed a deal with George Gillett Jr, Liverpool’s other co-chairman, to buy 98 per cent of his stake in the club – 49 per cent of the company – with Hicks buying the remainder, which would give him 51 per cent of the shareholding.
DIC had accepted that Hicks would not sell his share in Liverpool in the near future, but had insisted on a clause giving them first refusal to buy his stake.
Ian - The money to be made from soccer isn't in the same league as that made from sports here, and is insignificant compared to the amount of money DIC make from others sources, especially given the capital investment required to spend on players. DIC want to own Liverpool to make them successful and use them as a marketing tool for Dubai as a place to do business. As long as the club doesn't become a huge cash sink as Chelsea is becoming for Abramovich I doubt they are overly worried about the relatively small returns.
Neil, Baltimore,
Liverpool FC's problems this year have been on the pitch and not anything at all to do with the NA owners. The sooner fans understand this the more they can pressure management to do a better job in the Premier League.
And why do fans so routinely think that DIC would represnt a better owner?
Ian, Madison, USA
We all agree that Hicks is as useful to Liverpool as a pair of sunglasses on a man with no ears. However, with this so called powershare (which will hopefully result in DIC buying Hicks out in time), maybe the super stadium plans can be reinstated. We need to look at how we can USE Hicks to our advantage, before turfing him out.
More importantly short term - Inter Milan. Come on Rafa, show the world you are untouchable in European football, and ultimately in time, in the Premiership. Come on lads, we are all behind you!