The latest developments according to the guardian:
Kenny Huang's bid for Liverpool is only one of "several" offers for the club, according to their chairman, Martin Broughton.
Huang has yet to enter formal due diligence, but talks are sufficiently advanced with other bidders for there to be the prospect of a takeover at Anfield before the closure of the transfer window on 31 August. That could have an effect on the future of the striker Fernando Torres, who returned to training at Melwood today.
"It still remains the objective to conclude a deal before the end of the transfer window," Broughton told the Guardian tonight. "That remains the objective but there are no deadlines, and we will continue working to complete the process."
Broughton conceded that 31 August is "a very important date" for fans and some Liverpool players. Torres is highly coveted – both Manchester City and Chelsea are reportedly on alert – but such is the Spaniard's stature that his departure would affect the valuation of the club in one bidder's case, at least.
The apparent existence of multiple bidders means that the club's US co-owners, George Gillett and Tom Hicks, could end up making a significant profit from their controversial three-year tenure at Anfield. However, the pair will not have the final say in who may take over.
"There could be a possible realisation of an equity consideration," Broughton said. "But both George Gillett and Tom Hicks remain on the board and they have given commitments that the board of Kop Holdings [Liverpool's UK parent] is the party that is responsible for the sale."
Gillett and Hicks are believed to have placed an US$800m (£504m) valuation on Liverpool, but sources close to the talks insist they will have to accept a much-reduced sum once any deal is concluded. With only a calendar month until the close of the transfer window, the completion of due diligence must come fast. Yet, as an indication of how far advanced talks are with the interested parties, no money has yet been transferred into an escrow account, which would be one of the final steps before a transaction can be finalised.
Huang, a China-born Wall Street financier, raised the prospect of a bid for Liverpool on behalf of a sovereign wealth fund belonging to what has been described only as a large country in east Asia.
There had been suggestions that Huang would seek to acquire the debt from Liverpool's principal lender, Royal Bank of Scotland, in an effort to gain financial control over the club. However, Broughton insisted that is not the case.
"Any bids that go straight to RBS – and there have been several – come to me and are directed to Barcap," Broughton said. "RBS are not involved. The control remains with the board."
The part-nationalised RBS bank retains confidence that Broughton and Barcap – the investment-banking division of Barclays bank, retained to conduct takeover negotiations – will be able to conclude a deal before the next refinancing deadline, in October.
Whether that will be with Huang is another matter. However, it is known that he wishes to expedite discussions.
"He wants to get it done quickly so investment can come this summer," a source close to his proposed bid claimed. "Liverpool need investment in the playing squad and infrastructure, and Huang wants to build the [new] stadium. The club has an outstanding reputation but does not have the infrastructure to keep with it and make it grow."
One thing is clear, however. Huang considers Torres's retention at Anfield to be central to the success of his investment in Liverpool. One member of his retinue said he views the Spaniard as a "talismanic" figure whose departure would alter his valuation of the club.
Torres has told friends he is committed to remaining a Liverpool player but reserves the right to quit if they are incapable of meeting his ambitions.
I don't know if I can trust Broughton.
Last edited by TheMightyRed; 03/08/10 02:05 AM.
