Gillett rubbishes takeover reports

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Football News

Liverpool co-owner George Gillett has played down speculation that a buy-out of the Barclays Premier League club is imminent.

Widespread reports suggested Prince Faisal bin Fahd bin Abdullah al-Saud's F6 investment vehicle had been given the go-ahead to carry out exclusive due diligence with a view to buying into the club after he attended Liverpool's 6-1 win over Hull at Anfield on Saturday.

However, Gillett insisted the future ownership of the club was not on the agenda at the meeting while F6 director Barry Didato confirmed the due diligence process taking place relates to other commercial opportunities and "does not involve the possibility of an immediate investment in Liverpool", with any possible transaction being "several months away".

Gillett told "We had a marvellous meeting with them on Saturday and they were impressed with the club, but the academies in Saudi Arabia and North Africa and their possible involvement in NASCAR-type racing in the Middle East were the only items on the agenda.

"We have entered into a period of exclusive discussions regarding the possibility of introducing NASCAR-type racing to the Middle East, but the memorandum of understanding does not cover anything else."

Gillett and co-owner Tom Hicks confirmed on Tuesday that they had "retained Bank of America Merrill Lynch and Rothschild to evaluate the possibility of new investors injecting equity into Liverpool FC".

A joint statement added: "The process is at an early stage, there is no agreement with any party and reports to the contrary are wholly inaccurate."

Didato, F6's director of strategic investment, told that the agreement signed at the weekend focused on the creation of football academies in Saudi Arabia and North Africa as well as an opportunity in stock car racing, while the prospects of a possible investment in Liverpool lagged behind the first two projects as a "distant third".

Didato said: "As far as investment in Liverpool is concerned, that would be a long way off. A lot of people have jumped the gun and any possible investment would be several months away.

"The agreement signed (at the weekend) leaves the door open for it (possible future investment in Liverpool), but that was certainly not the focus of it."

Copyright (c) PA Sport 2009, All Rights Reserved.

Premier League
Hull City

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