Chinese businessman wants to buy Liverpool
LONDON. August 3. KAZINFORM Chinese businessman Kenny Huang has offered to buy Liverpool's 237 million pound debt ($374 million) from a British bank in an attempt to end Tom Hicks and George Gillett Jr.'s control of the English Premier League club. Kazinform refers to China Daily.
A person familiar with the situation confirmed Monday that Huang is in talks with Royal Bank of Scotland. The person spoke on condition of anonymity because they were not authorized to talk to the media.
American co-owners Hicks and Gillett bought Liverpool three years ago but have put it up for sale after a public fallout over the running of the club.
Huang was the first Chinese college graduate from mainland China to work at the New York Stock Exchange, in 1988. He negotiated the purchase of a 15 percent stake in the NBA's Cleveland Cavaliers in May 2009 and is director and co-founder of SportsCorp China, the New York Yankees' baseball team's exclusive marketing partner in China.
Liverpool manager Roy Hodgson said last month he wants the uncertainty over the club's future resolved as soon as possible, giving him time to bring in new players before the transfer window closes on August 31.
Hicks and Gillett bought Liverpool in February 2007 for about for 218.9 million pounds (then $431 million) in a leveraged takeover.
The club lost 16 million pounds ($23.5 million; euro18.5 million) before tax last season, a steep drop from a healthy profit the previous year. But the Americans still value it at 600 million pounds ($948 million).
Hicks and Gillett promised to build a new 60,000-seat stadium to help the club compete financially with Manchester United and Arsenal, but construction was halted in August 2008 because of the global economic downturn.
Manchester United's Old Trafford holds 76,000 fans and Arsenal moved from 38,000-seat Highbury into the 60,000-seat Emirates Stadium in July 2006. Kazinform cites China Daily. See www.chinadaily.com.cn for full version.