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Mon 15 Jan 2007 12:13 PM

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Dubai-Liverpool FC deal ‘imminent’

The English football club anticipates a $880m takeover by Dubai International Capital to be completed soon.

The takeover of the English football club Liverpool FC by Dubai International Capital (DIC) is imminent, with some reports claiming that a formal bid could be made by the end of this week.

Liverpool chief executive Rick Parry told BBC Five Live radio that he expects the deal to be completed "relatively quickly".

DIC is expected to bid around $880m and to commit to building a 60,000-capacity stadium.

Due diligence by DIC, the investment arm of Dubai's government, is thought to be nearing successful completion.

"A huge amount of work has been going on, we'll have something to say soon. Yes, the deal is looking positive and yes, I'm confident it will go through. This will take us to the next level,” said Parry.

"It's now a case of finalising the due diligence and pulling everything together, which we hope will be completed relatively quickly."

The website of the UK’s Guardian newspaper reported that a formal bid for Liverpool could be received ‘by the end of this week’.

Last month, the UK’s Daily Telegraph newspaper sparked controversy when it accused DIC of planning to offload the club in just seven years’ time.

But DIC denied the allegations that it was only interested in the acquisition as a means to making a quick profit.

Rick Parry may have been refering to this issue when he said yesterday of the deal: “it's not a quick fix, a rich man's plaything. It's a long-term model for success, based around the new stadium.”

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