US Duo Secure Liverpool Takeover
US billionaire sport entrepreneurs George Gillett and Tom Hicks have finalised
their proposed £174m takeover bid for Liverpool including the purchase of the
9.99% stake in the club owned by commercial broadcaster ITV.
Gillett and Hicks, who own NHL ice hockey teams the Montreal Canadiens and
the Dallas Stars respectively, beat off competition from Dubai International
Capital to buy Liverpool.
The offer is worth £5,000 per share, valuing the club at £174.1m, which when
comprised with the club’s £44.8m debt, increases the cash on the table to
£218.9m.
In addition, the US duo are believed to have guaranteed more than £200m
towards the cost of building a new stadium – an up front investment that the DIC
consortium was reportedly not prepared to make.
The offer includes the purchase of ITV’s shareholding which will see the
broadcaster lose almost £5m on its stake in the club. ITV bought the shares at a
cost of £22m with the buyout offer per share bringing in £17.4m for the
broadcaster.
Liverpool chairman David Moores stated: ‘This club is my passion and forms a
huge part of my life. After much careful consideration, I have agreed to sell my
shares to assist in securing the investment needed for the new stadium and for
the playing squad.
“I urge all my fellow shareholders to do the same and to support the offer.
By doing so, I believe you will be backing the successful future of Liverpool.”
Liverpool becomes the third FA Premier League club to be taken over by US
businessmen following in the footsteps of Manchester United and Aston Villa.
