Tuesday, January 16, 2007
Reds forced to wait for Dubai takeover offer
The takeover of Liverpool remains on course but is not expected to be
completed until the end of the month or even early February.
The inspection of the club's accounts by the potential new owners Dubai
International Capital (DIC) is continuing but Liverpool's directors have put off
any idea of holding a board meeting until closer to the actual handover.
The due diligence process is now expected to be completed around the end of
the month - meaning that the budget for any new signings for Rafael Benitez's
side during the transfer window will have to be independent of any DIC cash.
Liverpool bosses decided against holding a board meeting today and will wait
until DIC have virtually completed the due diligence process before the
directors get together to discuss the £450million takeover again.
A source close to the club told PA Sport: 'Due diligence is continuing and
going very well but no formal offer can be made until that is completed.
'Everything is on track and everyone is working towards completing the
process by the end of the month.
'Speculation that a board meeting was being held today to finalise matters is
DIC, an investment arm of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum,
are pressing ahead with the takeover but inactivity over the Christmas period
and the complicated nature of the deal - which includes funding a brand new
stadium - means the due diligence is taking considerably longer than with the
recent takeover of West Ham, for example.
Meanwhile, FIFA's legal department are considering an appeal from Liverpool to
overturn a ruling preventing Argentina midfielder Javier Mascherano moving to
Anfield from West Ham.
FIFA's rules state that players cannot appear from three clubs in any one year
between July 1 and June 30. Mascherano has already played for Corinthians and
West Ham but Liverpool have pointed out he has only played for the Hammers for
six minutes since October.
FIFA are reconsidering the case but it will be a surprise if they overturn
their own ruling.