DIC pull plug on deal after stall over decision
Submitted by tony on Wed, 2007-01-31 20:06.
Dubai International Capital have pulled out of a proposed takeover of Liverpool Football club.
DIC, headed by Sheik Maktoum, one of the world's richest men, were on the brink of a deal, having just completed the due diligence process, but today have ended their interest in the takeover, as Liverpool decided to listen to a takeover from George Gillet.
It was Gillet's second offer, this time the club decided to take a closer look at what Gillet was offering, and as the tycoon is offering around an extra £8million in total, it now seems he has the lead in the race to takeover the club.
A DIC spokesman said " We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.
"At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.
"We were also prepared to offer shareholders a significant premium on the market price of the shares.
"As businessmen, we move on. As fans, we hope that the new owners would share the same vision as we had for LFC and, of course, in realising the new stadium that is so badly needed to ensure the club can continue to compete at the highest level in the Premiership and Europe."
Gillet and his consortium must now look over Liverpool's books to see if they are still interested in a deal.
Takeover
I think that the board had made the biggest mistake by not accepting DIC's proposal. Now not only there will be a big possibility of ground sharing with Everton, but also the deal will not bring us any good, but Gilett will be the second Malcolm Glazier. We are doomed thanks to Mr Moores. Thank you so much!
stupid
as a liverpool fan i fell soory for what has happened,it is a big mistake thant has been done.
we should have accepted the dic offer.
i can see a second glaver in the prem what a shame for us.
all this for 8 m more,mr moore dont be so greedy you should have look which was the best for the club.
dic
urgh, moores is stupid! come on, in the game of football 8 mill isnt much. dubai cud have done a lot more if u look long term.
Moores is not stupid
Anonymous David Moores is not stupid. Do you know the full extent of the DIC offer. They pulled out which tells me their commitment was questionable. David Moores will make with his board the right decision for Liverpool FC.
And could he play
Red Kopite
Investment
Like many of the fans and supporters who have aired their comments below, i am completley dismayed by the actions of David Moore and his greedy cronies regarding the investment. This was a wonderful opportunity in a long, long time to obtain funds from a legitmate organisation who whole heartedley had the best interests of the club at heart. The investors themselves were indeed liverpool supporters and were willing to invest in the club and its overall structure.
What do we have now?. Well the simple answer is nothing, an "enquiring bid" from Gillet i think is not the answer to the future of the club and since there is no competition from any other organisation, who is to say that Gillett will put in a lower offer than what DIC originally offered. I dont blame DIC for getting pissed off with the drawn out negoitations over the contracts, the excuses were all over "legal wranglings" accoring to Rick Parry, considering at the, start DIC were give exclusivity contract talks and an agreement in principle was on the table
It was all down to one word, greed. Just to line their pockets of extra millions the board have now seen a glorious investment gone up in smoke. There was the future of extra investment from DIC with the Dubais successful involvement in the racing industry as well, but i guess greed won in the end , shame on the board
Who is next to get piss off?
The fault is in Moor,having agree in principle with DIC ,a last minute turn leave the DIC red faces and furious .DIC have to protect their pride and certainly will not swallow such insult.I wonder if any investor will be that keen to negotiate any deal with Moore again .about three years ago Morgan get piss off by him and three years later it is DIC turn ,if gillet deal fail .Who is next to get piss off by Moores?
brain posting on DIC
All I can say is that you appear not to know too much about David Moores. He is first a Liverpool supporter then Chairman. He is only the figurehead of a board of directors. They told DIC they were considering another offer and could they delay a decision. DIC then pulled out, which tells us a lot about their commitment. I am pleased they are now going ahead with the Gillet/Sims offer. A red kopite.
And could he play.
its over with dic get over it
its over with dic get over it they sound arogant anyway if they really wanted lfc they would not have given in so easy it is them not moores who shows alack of respect to us all it is them who will be sorry in the end greatest team greatest surportes bye bye dic
The real problem in the negotiations
The real problem in the negotiations regarding a takeover is the involvement of Rick Parry. Parry's track record pre-LFC is that of a driven and ambitious man whose involvements in the (failed) Mancheseter Olympic bids and then the (successful) setting up of the Premier League with barclays revealed his hand as an individual determined to be in the right place at the right time to make his own gains. This self serving nature has now come to the fore again at LFC. Moores does not come across as a bright man. He is passionate about LFC and wealthy through the serendipity of birth. He is, in my humble opinion, being led by the much more savvy Parry, and unfortunatley the best deal for LFC (cash rich DIC) has been lost in favour of a short term financial win with a multiple bancrupt, who is loan rich. you can slag off DIC as muchas you want now they're out of the frame but they were the best long term owners of LFC.
Totally agree. DIC were the
Totally agree. DIC were the best long term owners of LFC. Moores and Parry should apolgise and resurrect the deal with DIC!
dic
its your opinion to you moores does not seem that brigh t but he is steets ahead of parry for you to say dic was the better deal how do you know only time will tell not losers like you lfc is better off losing fans like you stay anonymous who cares
mr moores is legally bound to get the best deal
mr moores is legally bound to get the best deal for shareholders andded to this is the apparent lack of a garantee to underwrite the clubs dept from dic plus rumors they wanted a shared stadium.as you say only time will tell if we do the correct deal for our great club but be in no dought mr moores will only let it go to the right people and if its right for the club.
Moores have no experience in doing business
To hold about half of lfc shares ,Moores is just a figurehead?Only fools will think that.If that is the case those who call Moores is idiot could be right about it.
I am not angry with dic pull out but the manner it pull out.There is no benefit offending a Mega investment company this way .The lfc board led Dic to believe the deal is separeted by a rubber stamp only ,a contract signing date is set .will anyone be happy if when dateline approach ,the other party say i will look at other deal first.That is no honour!
If only Moores informed DIC earlier that he is reading GIllet propose and set a date his choice.By the way Gillet have been lurking around for somtimes .Let just say Moores who sold his Littewood empire away have no experience in doing business.There is so call biding dateline in business once it past even no matter the next offer is how attractive you cannot entertain it .
the deal is done now
the deal is done now ..dic have gone and its time to open a new chapter with gillet and the other yank..lets not dwelve on what could of been and let look to what can be ..lets not judge others opinion based on how others feel ..we are entitled to voice our opinions and at the end of the day we all want the best for our club..doesnt matter who owns us ...all that matters is that we will still be the best club in england regardless of the outcome of the season.
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