Home -> Law Blog Directory -> Media & Entertainment Law Blogs -> Sports Biz

Media & Entertainment Law

: Sports Biz

Chinese Businessman Seeks Takeover of Liverpool

A Chinese businessman, Kenneth Huang Chairman of Hong Kong based QSL Sports Group and backed by an investment fund said to be one of the largest in the Far East, has reportedly made a bid for Liverpool in the range of  237 million pounds.  He has been talking to the club's bankers and would purchase the club's debt from them as his vehicle to buy the club.  That avenue would leave the club's two North American owners, George Gillett and Tom Hicks with no profit from their purchase of the club in February, 2007.

Gillett has countered by telling the banks he is negotitating with Syrian businessman Yahya Kirdi, a former international soccer player.  By the terms of their loan agreement, Gillett and Hicks have the first right to sell the club and the banks have to consider any plan and prospective owners they present prior to any others, i.e. Huang.  With Huang reportedly having already held talks with most of the team's on field executives, and Fernando Torres, its start striker, Gillett and Hicks better hope that this Syrian businessman is the real thing because otherwise they should wake up next week with no European assets.

Full post as published by Sports Biz on August 02, 2010 (boomark / email).