interesting buried in an article about noel white it today's telegraph:
Before the White problem arose, the main item on the board meeting agenda was discussion of the take-over of the club. This has been a much longer-running saga, having gone on for two years, involving half-a-dozen potential bidders ranging from a former Thai Prime Minister to Steve Morgan, the founder of the Redrow house building firm. White was keen on the Morgan bid and would have liked David Moores, the chairman, to do a deal with him, but was not able to persuade him to do so.
Although five bidders are in the ring, only two are considered serious – Dubai Holdings and George Gillett Jnr, the American owner of the Montreal Canadiens National Hockey League team and a former owner of the Harlem Globetrotters, the famous basketball team. Dubai have returned to the fray having walked off after an initial interest two years ago.
Last week Rick Parry, the Liverpool chief executive, was in Dubai and, though the reason given for his visit was that it was half-term and he was having a family holiday, I am told there was contact with Muhammad Gergaui, the man who runs Dubai Holdings and also the office of the ruler of Dubai, Dubai Holdings being effectively a state-owned company.
One of the issues for discussion would have been the degree of control Dubai want, whether they would want to buy the whole club or let Moores continue as chairman with a smaller shareholding and with the present management team, led by Parry, remaining in place.
I am told Gillett would want to buy the whole club, lock, stock and barrel.
I understand the bidders have been given limited due diligence but not the exclusive, extensive look at the books, in particular the contracts of players and the manager, that they would want before committing themselves to buying the club.
So far the sticking point has been the price. Moores, who owns 51 per cent, wants £6,000 a share but I am told neither bidder would want to pay more than £4,000 a share.
At £6,000 a share, the share value of Liverpool alone would be £210 million, 3½ times what Aston Villa were recently sold for. Should he sell his entire holding Moores could make a profit of £97 million, not far short of the money Martin Edwards made from his share sales at Manchester United.
But in addition to this, Liverpool have debts of around £80 million. Add to this the money necessary for investment in the team, as well as the £200 million the club need for their new stadium, and it can be expected that any one taking them over would be looking to fund around £500 million.
This would mean Liverpool's total value is 10 times what Everton are worth, and even given the fact that their playing record is far superior and that they won the Champions League two years ago, the feeling among City experts is that is far too steep a price.
Before the White problem arose, the main item on the board meeting agenda was discussion of the take-over of the club. This has been a much longer-running saga, having gone on for two years, involving half-a-dozen potential bidders ranging from a former Thai Prime Minister to Steve Morgan, the founder of the Redrow house building firm. White was keen on the Morgan bid and would have liked David Moores, the chairman, to do a deal with him, but was not able to persuade him to do so.
Although five bidders are in the ring, only two are considered serious – Dubai Holdings and George Gillett Jnr, the American owner of the Montreal Canadiens National Hockey League team and a former owner of the Harlem Globetrotters, the famous basketball team. Dubai have returned to the fray having walked off after an initial interest two years ago.
Last week Rick Parry, the Liverpool chief executive, was in Dubai and, though the reason given for his visit was that it was half-term and he was having a family holiday, I am told there was contact with Muhammad Gergaui, the man who runs Dubai Holdings and also the office of the ruler of Dubai, Dubai Holdings being effectively a state-owned company.
One of the issues for discussion would have been the degree of control Dubai want, whether they would want to buy the whole club or let Moores continue as chairman with a smaller shareholding and with the present management team, led by Parry, remaining in place.
I am told Gillett would want to buy the whole club, lock, stock and barrel.
I understand the bidders have been given limited due diligence but not the exclusive, extensive look at the books, in particular the contracts of players and the manager, that they would want before committing themselves to buying the club.
So far the sticking point has been the price. Moores, who owns 51 per cent, wants £6,000 a share but I am told neither bidder would want to pay more than £4,000 a share.
At £6,000 a share, the share value of Liverpool alone would be £210 million, 3½ times what Aston Villa were recently sold for. Should he sell his entire holding Moores could make a profit of £97 million, not far short of the money Martin Edwards made from his share sales at Manchester United.
But in addition to this, Liverpool have debts of around £80 million. Add to this the money necessary for investment in the team, as well as the £200 million the club need for their new stadium, and it can be expected that any one taking them over would be looking to fund around £500 million.
This would mean Liverpool's total value is 10 times what Everton are worth, and even given the fact that their playing record is far superior and that they won the Champions League two years ago, the feeling among City experts is that is far too steep a price.
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