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Wed, 05/03/2008 - 10:41
Dubai International Capital (DIC), the investment arm of the Dubai government, has warned Liverpool FC's co-owner Tom Hicks that it will not improve on its £400 million offer for the club.
Hicks and George Gillett each received offers of £200 million last Wednesday for their 50 per cent stakes – a bid which would give each partner a £25 million profit on their 13-month investment.
The DIC held talks yesterday with lawyers of Gillett about the sale of his 50 per cent stake and hope an agreement will put pressure on Hicks to follow suit. According to sources, Hicks "turned down their offer immediately upon receipt", while Gillett, although committed to selling, is believed to be holding out for a larger profit.
DIC's chief executive, Sameer al-Ansari, said: "The owners are in dreamland about valuations at the moment".
Both businessmen have first refusal on the other's investment along with the power of veto over any sale. Hicks has held extensive talks with would-be investors prepared to back his attempt to buy Gillett out and is determined to retain a shareholding.
Dubai International Capital (DIC), the investment arm of the Dubai government, has warned Liverpool FC's co-owner Tom Hicks that it will not improve on its £400 million offer for the club.
Hicks and George Gillett each received offers of £200 million last Wednesday for their 50 per cent stakes – a bid which would give each partner a £25 million profit on their 13-month investment.
The DIC held talks yesterday with lawyers of Gillett about the sale of his 50 per cent stake and hope an agreement will put pressure on Hicks to follow suit. According to sources, Hicks "turned down their offer immediately upon receipt", while Gillett, although committed to selling, is believed to be holding out for a larger profit.
DIC's chief executive, Sameer al-Ansari, said: "The owners are in dreamland about valuations at the moment".
Both businessmen have first refusal on the other's investment along with the power of veto over any sale. Hicks has held extensive talks with would-be investors prepared to back his attempt to buy Gillett out and is determined to retain a shareholding.