Liverpool talks not dead

TALKS CONTINUE: Dubai will hold negotiations with Liverpool's co-owners over the coming days, sources said. (Getty Images)

Dubai will continue talks with Liverpool FC co-owners George Gillett and Tom Hicks despite Hicks' announcement he had terminated negotiations, a source familiar with the situation said on Tuesday.

The source said negotiations between state-owned Dubai International Capital (DIC) and the Americans would continue on Tuesday and over the next few days in Dubai.

Hicks said in a statement Monday night that discussions had led him to decide "to terminate any further discussions with DIC regarding their possible purchase of a minority stake" in Liverpool.

Under the terms of the accord under which the Americans acquired Liverpool, Gillett is unable to sell without the agreement of Hicks.

The disagreement revolves around Hicks wanting to remain in control of Liverpool and DIC also wanting a hand in the day-to-day running of the club.

Hick's announcement came just hours after DIC confirmed it was in "advanced discussions" with the co-owners, but stressed that no agreement had been finalised following media reports a deal had been struck.

The UK's Daily Telegraph reported on Sunday that Gillett had agreed to sell 49% of the football club for an estimated 170 million pounds ($342.9 million), quoting the lead negotiator on the deal.

Under the deal cited by the newspaper, Gillett will sell 1% of his 50% stake to Hicks, giving him a majority holding of 51%, and the remaining to DIC.

Hicks and Gillett last Wednesday rejected an $800 million bid from DIC for the whole club, which would have included paying off the refinancing package the Americans agreed in January for the loan used to purchase the club.

The rejection came after DIC Chief Executive Sameer Al-Ansari said it was in talks to buy the club, but that the owners were in “dreamland” over the club's valuations.

Hicks and Gillett outbid DIC when they bought the club last year, but have fallen out with each other this season.

The pair have proved extremely unpopular with Liverpool fans, many of whom were enraged when the latter revealed late last year that they had discussed replacing manager Rafael Benitez with Jurgen Klinsmann.

Hicks has since given Benitez his unequivocal backing but that has not quelled discontent among supporters, many of whom are involved in a project aimed at buying the club back and running it as a kind of cooperative on the model of Barcelona, where the club president is directly elected by fans.

DIC denies Liverpool deal sealed
Dubai International Capital does confirm it is in 'advanced discussions' with US co-owners.

Dubai's Liverpool bid on the rocks
Co-owner Hicks terminates negotiations with Dubai International Capital over stake in club.

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