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- Dubai 04:32 05:49 12:21 15:48 18:47 20:04
Liverpool’s unpopular American owners, Tom Hicks and George Gillet, were forced to put it up for sale in April. (GETTY IMAGES)
China is funding a bid to buy Liverpool Football Club, as Beijing seeks to extend its rapidly growing global influence into the world of British sport, a report said on Thursday.
As speculation mounts over the future of the top sporting brand, China’s overseas investment arm China Investment Corporation (CIC) is providing funds for the bid fronted by businessman Kenny Huang, said The Times newspaper.
China’s emergence as a bidder for debt-laden Liverpool sets up a takeover battle for one of Britain’s biggest clubs, with two other potential new owners also interested, said 'The Times'.
CIC’s bid values Liverpool at between £300 million ($477 million) and £350 million, said The Times, citing insiders.
If the takeover attempt succeeded, the Chinese sovereign wealth fund would end up owning the majority of the club.
Liverpool’s unpopular American owners, Tom Hicks and George Gillet, were forced to put it up for sale in April, leaving the club owing around £237 million to principal lender the Royal Bank of Scotland.
Speculation has been mounting about Chinese sports tycoon Huang’s interest in the Premier League side, and he was forced to issue a statement on Wednesday denying reports he had made a formal bid.
"Huang would like to emphasise that he has registered interest in investing in Liverpool FC but has made no formal bid,” said a statement from his representatives, Hill & Knowlton.
Huang, the head of Hong Kong-based investment company QSL Sports Ltd, is believed to want to secure an early agreement to give manager Roy Hodgson time to bring in reinforcements before the end of the transfer window.
On Tuesday, Liverpool chairman Martin Broughton announced that “several” potential buyers had submitted bids to buy Liverpool and it was still the aim to conclude a deal by the end of August.
The fight to take control of Liverpool is now a three-way contest, with the Chinese up against Rhone Capital, a private equity group, and the billionaire Al Kharafi family of Kuwait, according to 'The Times'.
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