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Wed 5 Mar 2008 01:55 AM

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Liverpool owners reject $800mn Dubai bid

Hicks bids for Gillett's share in club after turning down offer from DIC, report claims.

Liverpool owners reject $800mn Dubai bid
REJECTED BID: Liverpool owners have turned down an $800 million takeover offer from Dubai International Capital, a source told AP. (Getty Images)

Liverpool FC owners Tom Hicks and George Gillett have rejected an $800 million bid from Dubai International Capital (DIC) for the premier league club, it was reported on Tuesday.

An unnamed source told newswire AP the offer was turned down after DIC gave the US owners 24 hours to accept its offer.

DIC, however, had earlier denied a deadline had been set. Spokesperson Jehad Saleh told reporters “No figures have been mentioned [to the public] and talks are ongoing. No timeline has been set on the talks."

A subsequent AP report said Hicks had since made a bid to buy part or all of Gillett’s share in the club. Each owner is unable to sell their stake to a third party without the permission of the other.

The news comes after DIC Chief Executive Sameer Al-Ansari said it had been in talks to buy the club, but that the owners were in “dreamland” over valuations.

He later clarified that one of the owners had “come out of dreamland” without giving further details.

Dallas-based Hicks has repeatedly denied he is willing to sell his stake in the club. He said in January he had talked to DIC about a 10-15% stake, but that his valuation was deemed too high.

The American duo paid $340 million for Liverpool last year, and agreed to take over $87.7 million of debt, but the takeover was funded entirely with borrowed money.

Hicks and Gillett in January announced a refinancing that will release funds for new players and a 71,000-capacity stadium.

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