Final whistle on Liverpool takeover

Liverpool Football Club has agreed a bid by George Gillett and Tom Hicks, ending months of speculation over who would buy the club and after Dubai International Capital (DIC) abandoned its proposed takeover.

The English Premier league soccer club said on Tuesday that it has agreed a $340 million takeover from the two American sports tycoons.

Gillett and Hicks, through their Kop Football Ltd vehicle, said they would pay £5,000 per Liverpool share and that the total value of the deal, including debt, was £219 million ($431m).

"The Hicks family and the Gillett family are extremely excited about continuing the Club's legacy and tradition," the pair said in a statement.

"Liverpool is a fantastic club with a remarkable history and a passionate fanbase. We fully acknowledge and appreciate the unique heritage and rich history of Liverpool and intend to respect this heritage in the future."

The new owners are also committed to an annual budget for player transfers as well as current club executives and team management, they said in a statement. There were no details on the budget size.

A previous bid by DIC - an investment arm of the Dubai government - was thought to be worth £4,500 per share, but also included a pledge to build a much-needed stadium and write off $160 million in debt.

But when it emerged that Liverpool was considering a rival bid by Gillett during DIC's due diligence process, the Dubai team pulled out, saying that it "will not overpay for assets".  The involvement of Tom Hicks was not widely known about at the time.

Gillett had an initial offer for Liverpool rejected late last year. Media reports said this included a plan to share a ground with city rivals Everton that was unacceptable to Liverpool's majority shareholder and chairman David Moores.

Gillett and Hicks said on Tuesday they had never discussed such a plan and they intended to build a new 60,000-seat stadium for which the club has already received planning permission.

Billionaire Hicks is the owner of the Texas Rangers major league baseball team and the Dallas Stars NHL franchise, while Gillett owns NHL rivals Montreal Canadiens.