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27 May 2024

DIC answer to Liverpool's woes

By Frank Kane


As the picture shows, there is no doubt about the loyalties of fans of Liverpool football club – they want Dubai International Capital to proceed immediately with a take-over of their debt-laden club, and kick out the two American mavericks, Tom Hicks and George Gillett, who are in charge.


But there is no hurry for Dubai. The Americans are feeling the pressure of the world financial slump and with each passing day their options become more limited. They are in debt to the tune of £350m and have just a couple of weeks to come up with a refinancing deal. The chances of the banks agreeing to new terms in the current economic climate are decreasing with every downward jolt of the Dow Jones index.


Sameer Al Ansari of DIC has only to wait until the time is right to make the Americans an offer they cannot refuse. It is obvious early talk of a £500m price tag was wildly off the mark. The Americans would take £350m if it was on the table now, but there is no reason for DIC to do so at this stage. If it holds out a few more days, Dubai will get Liverpool for around £300m. That’s more money for players and a new stadium, both of which Dubai has promised.