Hicks terminates DIC talks

Liverpool co-owner Tom Hicks has "decided to terminate" discussions with DIC, the investment arm of the Dubai government, over the possible purchase of a minority stake in the club.

Hicks on Monday issued a statement which read: "Based on a meeting held earlier today in Dubai between my representatives and officials of Dubai International Capital LLC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the club."

The statement continued: "DIC made it clear that if they invested in the club, they would want it to be managed by committee.

"Based on my 13 years of successful experience as an owner of professional sports teams, and based in particular on the situation at Liverpool Football Club over the past year, it is clear to me that such a committee approach would not be in the best interest of Kop, of the club or of the club's loyal and passionate supporters.

"Accordingly, I have decided to exercise my right under the Kop Football (Holdings) Limited partnership agreement to veto any sale of any portion of Kop and the Club to DIC.

"I and my colleagues and representatives will continue to explore a number of other options with regard to the ownership of Kop and the club aimed at achieving an appropriate ownership, financial and organisational structure for Kop and the club over the long term."

Talks had been taking place between DIC and Hicks about how a joint relationship would work.

Fellow American George Gillett is understood to have agreed in principle to sell 49% of his 50% stake to DIC, and the other 1% to Hicks to give the Texan a controlling interest.

DIC have accepted that Hicks will not sell his share in Liverpool in the near future, but would insist on a clause giving them first refusal to buy his stake.