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Balague: “Dubai still interested”

Published by fiz on October 20, 2008

Guillem Balague claims that the Dubai ruling family is still interested in Liverpool Football Club despite reports that they’ve “pulled out” of talks with the owners.

There were reports that Sheikh Mohammed has pulled out of talks with the American owners because his ‘valuation’ falls short of what the Americans are asking.

“However, my understanding is that, when it comes to the purchase of Liverpool football club, the Dubai Royal family are still very much in the frame,” Balague as quoted on his official website.

“As has been well reported, in spite of the fact that the Dubai International Capital (DIC) had already announced an end to their interest, the Dubai Royal family has instructed other investment groups at their disposal to maintain their pursuit of the club.

“I believe that this situation has not changed and the offer from Dubai has not been withdrawn. While it is true that their valuation falls short of what the Americans are asking, the Sheikh and his representatives are prepared to be patient. They are happy to play the waiting game and clearly feel that the current financial climate will eventually work in their favour.

“As is widely known, the 6 months extension to the Americans of their loan has not been approved yet and, with the credit crunch effectively placing everything on hold for now, the Dubai investors know that Gillett and Hicks may find that they have little choice but to sell - if the RBS does not sanction the new terms on the loan.

“Just how the current financial climate will affect the Americans relationship with the banks remains to be seen, but there is one factor that seems particularly relevant to me: Gillett and Hicks will need to agree an extension to their loan with the RBS - a recently nationalised financial institution that now, in effect, belongs to the British government. Isn’t this the same government that has recently been stating that it would be hugely irresponsible - and that they do not want to see - British football clubs saddled with high levels of debt?”

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