Gillett denies Reds sale speculation

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Speculation over the American's position at Anfield intensified earlier this week after it was reported he was considering selling his sporting assets, which also includes the Montreal Canadiens NHL franchise.

"What was told to the media was that we are doing some estate planning and looking at various assets to see whether we should refinance them, sell them, buy them, nothing urgent, we were just starting the process," Gillett told reporters at the SportAccord convention in Denver on Wednesday.

"We had engaged six investment advisors around the world and it got reported as four and that we were selling assets as opposed to estate planning.

"Even when you think you're doing it right it gets distorted. There is no story yet, we'll find out what it is when we get the reports.

"The need to make headlines sometimes transcends research."

Gillett co-owns the Reds with fellow American businessman Tom Hicks following their takeover of the club in February 2007.