Gillett sells up to DIC!!

It is being reported that our co-owner George Gillett, last night agreed to sell his share in LFC to DIC, leaving our other co-owner Tom Hicks with a majority share, giving him control of our club.

LIVERPOOL FC co-owner George Gillett last night agreed to sell his share in the club to Dubai International Capital.

The breakthrough came after DIC agreed to top up Gillett’s profit on his LFC investment from an instant £40m to a potential £80m, depending on future club success.

Crucially the terms of the deal would see 1% of Gillett’s holding in the club go to his American co-owner Tom Hicks for around £500,000, making the Texan the club’s majority shareholder.

DIC, owned by Sheikh Mohammed Al Maktoum, would agree to take on the £350m debt arranged by the Americans in a controversial re-financing deal earlier this year.

Last night’s agreement would value Liverpool FC at £430m, rising to a maximum £510m if the future profit sharing clauses were triggered.

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Source: icLiverpool