Liverpool reveal Gillett approach


"Vanity is definitely my favorite sin"
Liverpool reveal Gillett approach
Liverpool have received an approach about a possible takeover of the club from American tycoon George Gillett.

The Anfield club issued a statement to the Stock Exchange under the Takeover Code rules about Gillett's interest.

Liverpool said the approach "may or may not lead to an offer" and "shareholders will be kept informed as appropriate."

Dubai International Capital (DIC), a rival consortium, is still regarded as favourites to take over the club having already analysed Liverpool's finances.

Gillett, the 69-year-old owner of Montreal Canadiens ice hockey club, recently improved his offer for the club and as a bidder can now also perform due diligence, which is the process of examining the finances of the club.

But, despite Gillett's interest in Liverpool, the Merseysiders are believed to prefer going with DIC, which is the investment arm of the Dubai government.

Liverpool chairman David Moores, who owns 51.6%, is thought to have received a higher bid for his shares from Gillett but favours DIC because he believes it would be better for the club.

He has already reportedly reached an agreement with DIC in a deal which would see it purchase majority control for around £155m, assume £80m of debt and fund a new 60,000-seater stadium close to the club's existing Anfield home.

One of the areas of concern over the Gillett bid is that the Reds board believe the American would be keen to debate a groundshare with Everton.