Indian Magnate Linked To Liverpool

Contrary media reports have arisen linking an Indian billionaire with a potential takeover of Premier League club Liverpool.

Speculation emerged that Indian billionaire Grandhi Mallikarjun Rao, owner of the GMR group as well as Indian Premier League cricket franchise the Delhi Daredevils, was in talks regarding a takeover of Liverpool after a representative from his firm was spotted in the directors’ box during last week’s 4-4 draw against Arsenal.

However, the reports were dismissed by sources close to Liverpool owner Tom Hicks who denied that either himself or co-owner George Gillett had held discussions with Rao over potential investment in the club.

Hicks and Gillett are due to repay a £350m loan from RBS and the US bank Wachovia in July and are thought to have been in constant dialogue with both banks since January over ways to manage the debt, which include putting more personal equity into the club or paying off a slice of the loan.

Both men are looking for minority investors in their sports franchises, but have struggled to raise interest in the current climate, while City sources suggest any party able to finance a takeover at Anfield is likely to wait until the July deadline is imminent to ensure the best possible price.