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Kenny Huang leading serious bid for LFC

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See earlier suggestions that this was about to get dirty, and that Gillett, in particular, would fight to the death...
Latest from that Bamba lad; they seem to think he knows his stuff, both on RAWK and TLW.

Let's look at what we know so far. Alan Myers receives an email at 2 a.m this morning telling him it's a done deal with Kirdi - an unusual approach to annoncing the biggest deal in world football, but anyway... There are no quotes from any LFC board member confirming an offer has been accepted. There is nothing, in fact, other than the assertion that he's taking over.

My immediate reaction - another educated guess at this point - is that this is Gillett looking to drive up whatever sum Huang has offered for him to go quickly. If that's the case, and if I were Huang, I'd be tempted to walk away and let George do his deal with Kirdi.

Why Alan Myers? Why 2 a.m? Why were 5 or 6 very well-connected sources adamant as recently as 11 p.m last night that Huang was receiving support at board level? At 7 a.m it's very difficult to verify or contradict anything, but these are the questions we'll be asking over the coming hours.


This is the story; Smells like something fishy to me, as George Gillett has come up with this potential buyer. Sounds like BS.
Unknown Syrian Yahya Kirdi reportedly preparing Liverpool FC takeover bid
Aug 2 2010 by John Siddle, Liverpool Daily Post
Comments (4)Recommend LIVERPOOL FC were last night tight-lipped amid reports a Syrian footballing unknown is set to launch an astonishing bid to buy the debt-laden club.

Yahya Kirdi, who claims to front a consortium of Arab businessmen, is said to be at the heart of detailed talks aimed at sweeping aside the club’s American owners.

Co-owner George Gillett is understood to have introduced Mr Kirdi, a Unicef representative, to senior Anfield staff and the Royal Bank of Scotland, to which the club owes £300m.

It is the second time Mr Kirdi – a former international – has eyed up a takeover of the club, which analysts value at about £400m.

A source last night confirmed the group’s “serious interest†in investing in Liverpool.

It is also understood it has the backing of one of the United Arab Emirates’ ruling families. Mr Gillett and co-owner Tom Hicks put the club up for sale in May.
 
Whatever happens, the Kenny Huang and Kirdi will have to reveal their backers as a part of the fit and proper rules governance process. Either way, the Premier League has been informed of talks and possible change of ownership so it's definately going to happen.
 
[quote author=RolandG link=topic=41235.msg1147940#msg1147940 date=1280904723]
Whatever happens, the Kenny Huang and Kirdi will have to reveal their backers as a part of the fit and proper rules governance process. Either way, the Premier League has been informed of talks and possible change of ownership so it's definately going to happen.
[/quote]

It seems likely to happen, and a sale of some kind has to happen, but the premier league has to be informed, regardless, so it doesn't demonstrate certainty.
 
[quote author=Rosco link=topic=41235.msg1147845#msg1147845 date=1280870616]
Nice contradiction in that one.

We can become the wealthiest club in the world but we're worth nothing.
[/quote]

I guess it's the same as buying a nice big house that's fallen in to a bit of disrepair on the cheap, doing it up and increasing it's value.

We all know that G&H's valuation of the club is based on future potential income. That's why they bought it in the first place, because they could see the potential to increase revenue streams. They just don't have the financial clout to be able to get those revenue streams up and running... Buyers see the potential, but given that the club will still need significant investment as well as clearing current debts, and the new revenue streams are potential rather than actual, it's a risk.

THe Board determine the preferred bidder and then it's a question of how high the buyer is willing to go and how low the seller is willing to accept combined with how much pressure RBS can put on the seller to accept & deal and whether G&H have other means of refinancing or lowering the debt

My one cxoncer is that G&H trun down the offer and get a re-financing deal from BarCap to pay off RBS, with BarCap safe in the knowledge they'll now make more money out of the deal.
 
[quote author=RolandG link=topic=41235.msg1147940#msg1147940 date=1280904723]
Whatever happens, the Kenny Huang and Kirdi will have to reveal their backers as a part of the fit and proper rules governance process. Either way, the Premier League has been informed of talks and possible change of ownership so it's definately going to happen.
[/quote]

where were they when gillette and hicks got in?
 
A trawl of a few sites throws up the worrying fact that Kirdi is negotiating directly with H&G and was introduced by Gillett.

His backers are said to be a mix of Canadian and Middle East backers with financing by Wachovia.
 
[quote author=Farkmaster link=topic=41235.msg1147942#msg1147942 date=1280904954]
[quote author=RolandG link=topic=41235.msg1147940#msg1147940 date=1280904723]
Whatever happens, the Kenny Huang and Kirdi will have to reveal their backers as a part of the fit and proper rules governance process. Either way, the Premier League has been informed of talks and possible change of ownership so it's definately going to happen.
[/quote]

It seems likely to happen, and a sale of some kind has to happen, but the premier league has to be informed, regardless, so it doesn't demonstrate certainty.
[/quote]

I could be wrong Farkmaster but G&H seem skint. Their particular reluctantance to plough any of their own money into the club is a good indicator of this. Hicks is all but bankrupt having lost almost his entire sporting empire and Gillett it seems is the one hanging on for dear life.

The RBS extension was a result of additional collateral requirements. If the loan is recalled I doubt that they have the means to settle the debt and this is a significant risk to the bank. I think the full financial situation is even more dire than we think. Now my understanding is that RBS is 85% owned by the government so with political pressure on the bank, G&H don't have any aces up their sleeve. G&H have a weak hand to play.

I'm pretty certain that a deal will be done in the interest of the club first, which also considers the position and interest of the bank. In this credit climate, Barcap may well buck the trend and provide G&H with credit facilities to settle RBS, but its highly unlikely give G&H financial position/creditworthiness. Hicks' bankruptcies in the States would definately have a bearing on this. The club is thriving commercially but remains at risk economically because of the debt burden.

Liverpool have witnessed a twist in their takeover saga after the emergance of reports that a consortium of Arab and Canadian businessmen are in advanced discussions with the Premier League club.

Kenny Huang was thought to be in pole position to buyout American duo George Gillett and Tom Hicks at Anfield, and Sky Sports News reported on Tuesday that the Chinese tycoon had made a formal offer.

But now a group containing investors from the Middle East and Canada, fronted by former Syria international Yahya Kirdi, are said to be finalising a purchase price, repayment of debt and financing for Liverpool's planned new stadium in Stanley Park.

Co-owner Gillett is understood to have introduced Kirdi, a Unicef representative, to senior Anfield staff and the Royal Bank of Scotland, to which the club owes a reported £250million.

Sky Sports News have quoted Kirdi as saying: "Liverpool is a massive football club with passionate and proud fans in Merseyside and in every part of the world.

"With additional money to improve the squad and financing in place to build the new stadium, Liverpool will be on a solid foundation to compete in the Premiership and in Europe for years to come."
 
[quote author=Herr Onceared link=topic=41235.msg1147870#msg1147870 date=1280874863]
Its all shit i betcha. Out of the frying pan into another fucking frying pan.

I hate all this pish.


[/quote]

Surely you mean out of the frying pan into the wok?
 
[quote author=Jack D Rips link=topic=41235.msg1147961#msg1147961 date=1280908031]
[quote author=Herr Onceared link=topic=41235.msg1147870#msg1147870 date=1280874863]
Its all shit i betcha. Out of the frying pan into another fucking frying pan.

I hate all this pish.


[/quote]

Surely you mean out of the frying pan into the wok?
[/quote]

Nowadays you have the induction cookers which are heat-less and fireless. Not so apt.
 
I'd just like to thank SOS for all their hard work in removing the Americans.

Well done!
 
So, now Keith Harris has entered the ring, reprecenting a third bid, and he won't reveal the identity of proposed buyer at this time.

Seymour Pierce, the company representing one of the parties interested in buying Liverpool, claims their client is 'very serious'.

Reports on Wednesday have suggested that a consortium made up of Arabian and Canadian businessmen are looking into a possible takeover of the Reds, while Chinese tycoon Kenny Huang is also believed to be in the running.

Current co-owners George Gillett and Tom Hicks have been looking to offload the club for some time, but have yet to find a bidder willing to match their valuation.

However, interest appears to be mounting again and Keith Harris of Seymour Pierce has told Sky Sports News that one of his clients has expressed a desire to acquire the Merseyside giants.

He said: "All I am prepared to say is that we have looked at it very carefully on behalf of would-be buyers, who we know are very serious, we know are cash rich, we know have the right incentive and are prepared to take a long-term view. I can't say any more at the minute."

The interested party is reluctant to make themselves known publicly at present, but Harris believes that could help proceedings.

"That's not the way business should be done," he said when pressed on why those involved have refused to step forward.

"A few years ago this firm represented Randy Lerner acquiring Aston Villa and until the word got out, we hadn't said a word. The deal was then done quickly and decisively. There was then a public splash but it went quiet again.

"That's the right way football clubs should be dealt with. It's a huge media event when one changes hands. I don't think the media event should be the run up to that, it should be when it happens."

Prices
Harris has also questioned the figures being bandied around in regards to how much it would cost to take control at Anfield.

It has been claimed that £325million would be enough to push through a takeover, but Harris believes that sum is far too low.

He added: "The kind of prices I have read about do not properly value this asset and I doubt it would be sold for that. It sounds way too low for me."

Asked what it could take to gain control of the Reds, he said: "It depends entirely on the eyes of the would-be investor.

"What we know about Liverpool is that there is a sum of money required to acquire it and to deal with the debt situation. That frankly is a market trade - what can be paid, what can be accepted by the owners, what is acceptable ownership structure, who the people are.

"In the case of Liverpool there are then other considerations.

"There is a new manager and the previous manager was not short on money, he spent pretty liberally and didn't get a squad that was good enough, frankly. So there is an investment in the squad, how much does a new owner have to invest in the squad to get it to the standard which can challenge for a top four place, which I think Liverpool fans will rightly say they should be."
 
Good read, I like Rory Smith.


Martin Broughton's the most important in Liverpool's summer of big decisions

By Rory Smith Football Last updated: August 4th, 2010

4 Comments Comment on this article


Martin Broughton must make a decision that will define Liverpool's future (Photo: PA)

This summer has not gone badly for a side which finished seventh in the Premier League last season. An England international, a three-time Premier League title winner once regarded as the most naturally gifted player in the country, has decided to join. The club captain, at his best a force of nature coveted by the world’s grandest clubs, has decided to stay. So too the planet’s best striker. Unlikely as it seemed when Liverpool trudged off the field at the KC Stadium in May, their impotence in front of goal condemning them to failure in their attempt to leapfrog Aston Villa into sixth, the decisions have gone in Liverpool’s favour over the last two months.

None, though, are quite as important as the decision which may not just define Liverpool’s season, but its future. The big decision is yet to be made. If the club’s fans had been on tenterhooks for weeks over what choice Joe Cole would make, and months over what the fates of Steven Gerrard and Fernando Torres would be, they have been waiting for three and a half long years for the conclusion which Martin Broughton hopes to arrive at in the next 10 days.

What do we know so far, then, of his options? First there is Kenny Huang, the Chinese entrepreneur backed by a sovereign wealth fund, the first to show his hand. His plans are detailed and deliberate: push through a deal at a reasonable price by using leverage gleaned from the Royal Bank of Scotland. He has already made contact with Broughton and Barclays Capital, the bank running the sales process, but he does not have the favour of current owners Tom Hicks or George Gillett.

Then there are the more reserved Rhone Group and the al-Kharafi family, of Kuwait. The former were contacted by Liverpool and informed the club that their interest in taking at least a stake in the club remains strong. The latter are reported to have made contact with Broughton and Barcap. Both are possibilities at this stage, nothing more.

And, of course, there is Yahya Kirdi. A press release issued by a PR firm engaged by the Syrian-Canadian businessman in the early hours of this morning – strange time to announce the biggest deal in world football – confirmed that: “Agreement has been reached [with Hicks and Gillett] on all major terms including the purchase price, repayment of the existing bank debt from RBS and Wells Fargo and financing of a new stadium in Liverpool’s Stanley Park. A formal purchase agreement between the two parties is in the final stages of negotiation.â€

Game over, then? Kirdi’s offer, on behalf of a Syrian/Canadian consortium, has the support of Hicks and Gillett, who he approached directly, rather than going through Broughton and Barcap. He is the preferred bidder of Liverpool’s American owners. A formal purchase agreement would mean he effectively controls the club. All seems in order.

It is here that Broughton must make a decision. Assuming – and we must – that Kirdi’s bid is legitimate, and not a stalling tactic designed by the current regime to artificially inflate Huang’s bid, or that of Rhone or the al-Kharafis, Broughton has made it abundantly clear that it is the club’s board, not its owners, who will vote through any sale. Control rests, effectively, with Broughton, managing director Christian Purslow, and commerical director Ian Ayre.

Broughton has also pointed out on many occasions that the best bid for the club is what he is interested in – after all, his reputation rests on the new owners’ long-term success, not short-term profit – rather than the highest offer. Hicks and Gillett, naturally, would not take that stance. They want to make money from the sale of a club they have run into the ground.

Yet it is Kirdi who, it seems, already has the support of two of those votes on the board – should, indeed, the matter be put to the vote. By winning favour with the Americans, it can be assumed that Kirdi’s is the highest offer. By voting it through, Broughton runs the risk of being seen to renege on his initial promise, of sacrificing Liverpool on the altar of the Americans’ greed.

There have been plenty of doubts over Broughton’s intentions – and, at times, his ability – since he was brought to Hicks and Gillett by Michael Klein, the former Wall Street superstar and a close friend of both the British Airways chairman and the Texan. He is approaching his day of reckoning. If the decision is his to make, he must make the right one. The world is watching.
 
[quote author=rebel23 link=topic=41235.msg1148115#msg1148115 date=1280930041]
something doesn't sit well with me about this Syrian bloke, it seems Portsmouth-esque

[/quote]

I agree. Being introduced by GG is not exactly a glowing reference. The Kuwait family re engaging is encouraging.
 
The Kirdi bid is just bollocks imho. Gillett has introduced them, and they are H&G preferred bidder and have accepted terms yada yada, BS.

Some rumours about Harris representing Al Maktoum.
 
Having a manu fanatic Keith Harris fronting one bid (note the Ferguson inspired criticism of Rafa's spending), and being at the mercy of a Chelsea supporter who was, after all, appointed on because he's friends with a friend of Hicks. Just because you're paranoid it doesn't mean they aren't out to get you.
 
Yeah, we spent loads didnt we? we've spent nothing for nearly 3 years now

What a stupid, stupid comment from Harris

Another arsehole looking to attach himself to the club.
 
[quote author=doctor_mac link=topic=41235.msg1148127#msg1148127 date=1280930548]
Having a manu fanatic Keith Harris fronting one bid (note the Ferguson inspired criticism of Rafa's spending), and being at the mercy of a Chelsea supporter who was, after all, appointed on because he's friends with a friend of Hicks. Just because you're paranoid it doesn't mean they aren't out to get you.
[/quote]

Will Orville be assisting?
 
[quote author=rebel23 link=topic=41235.msg1148130#msg1148130 date=1280930661]
Yeah, we spent loads didnt we? we've spent nothing for nearly 3 years now

What a stupid, stupid comment from Harris

Another arsehole looking to attach himself to the club.


[/quote]

Plus, what sort of fucking wab representing someone wanting to buy the club, says that the price (that is, the amount being offered by Huang),
IS MUCH TOO LOW!!

Nice negotiating tactics you fucking manc cunt. I'm sure your Arab backers will be delighted that you're driving the price up.

Maybe he *should* leave the negotiations to Orville, Wilko.
 
Broughton will do what he thinks is best for the club. Thank heaven's it won't be an emotional choice for obvious reasons.

Kenny Huang, Yahya Kirdi and now Keith Harris. Decisions, decisions! I would love to see what their plans are. Do a comparison if you will of all 3 bids.

Exciting times ahead!
 
Huang - No Reds offer
Businessman interested in investing in club


Chinese businessman Kenny Huang has confirmed his interest in investing in Liverpool, but says he has not made a formal offer for the club.

Huang, who is the founder and chairman of Hong Kong-based investment company QSL Sports Ltd, has been linked with a bid to buy out Liverpool's debt.

Current Liverpool owners George Gillett and Tom Hicks are looking to sell and several parties are reportedly interested in a takeover.

However, in a statement released to The Sport Briefing by Huang's representatives, the QSL chief has stated that reports of an official bid are premature.

Registered interest
The statement read: "In response to widespread media reports that Kenny Huang had made a formal bid for Liverpool Football Club, Mr Huang would like to emphasise that he has registered interest in investing in Liverpool FC but has made no formal bid.

"There has been much speculation and commentary from a wide array of people, many of whom have little knowledge of the facts.

"Unless there is a statement that specifically comes from Mr Huang or his authorised representatives, which presently is solely Hill & Knowlton Hong Kong office, we would suggest such comments should be given little credence.

"At this point in time there is nothing further for Mr Huang to announce. If there comes a time where this changes, we will make the appropriate announcements."

Huang is backed by one of the wealthiest investment funds in the Far East and is well known in China for his interests in baseball and basketball, having last year bought a 15% stake in NBA franchise Cleveland Cavaliers.

He also has long-term deals to develop China's domestic baseball and basketball leagues in a nation where the two sports are rapidly growing in popularity.
 
[quote author=jason link=topic=41235.msg1147897#msg1147897 date=1280887838]
Sky sports already suggesting the deal should not be allowed due to China's human rights record.
Second only to the UK's,over the last few centuries.
[/quote]

I wonder what they'll say about Syria's.
 
[quote author=Frogfish link=topic=41235.msg1148161#msg1148161 date=1280933258]
[quote author=jason link=topic=41235.msg1147897#msg1147897 date=1280887838]
Sky sports already suggesting the deal should not be allowed due to China's human rights record.
Second only to the UK's,over the last few centuries.
[/quote]

I wonder what they'll say about Syria's.
[/quote]

"Over the last few centuries"

I suspect there may be a time limit/ shelf-life/ to this type of thing, you boring madman, otherwise nobody would fucking have any dealings with, for example, Germany.
 
[quote author=Y1 link=topic=41235.msg1147987#msg1147987 date=1280910842]
[quote author=Jack D Rips link=topic=41235.msg1147961#msg1147961 date=1280908031]
[quote author=Herr Onceared link=topic=41235.msg1147870#msg1147870 date=1280874863]
Its all shit i betcha. Out of the frying pan into another fucking frying pan.

I hate all this pish.

[/quote]

Surely you mean out of the frying pan into the wok?
[/quote]

Nowadays you have the induction cookers which are heat-less and fireless. Not so apt.
[/quote]

Not in China mate - the Wok is king, my wife bought another just this week !
 
http://twitter.com/rorysmith_tel


  • [li]"Huang's" "statement": Hmmmm. #LFC 29 minutes ago via web[/li]
    [li]
    It's hmmm because it's a very odd development. Hence my "hilarious" use of quotation marks. Huang is not a PR stunt. #LFC 22 minutes ago via web [/li]
    [li]
    Took him five months of the utmost secrecy to put the deal together, though. Lot of work for a PR stunt. #LFC 19 minutes ago via web in reply to Mikeervine[/li]
 
I can see now that nothing is actually going to take place.

As usual, we get the initial excitement of someone making a bid for the club followed up by a few days of rehashing the same information and now


Bullshit and retractions.
 
[quote author=Hansern link=topic=41235.msg1148159#msg1148159 date=1280933201]
Huang is backed by one of the wealthiest investment funds in the Far East and is well known in China for his interests in baseball and basketball, having last year bought a 15% stake in NBA franchise Cleveland Cavaliers.
[/quote]

This keeps being repeated, but it's not actually true, is it...
 
Here is Bamba (the oracle) and his latest insights:

Right, the inbox is groaning with PMs so, with respect and in the interests of sanity and practicality I’ve deleted the lot. I understand and share the clamour for info, and that’s what I’ve been trying to get all day. In a takeover process like this there will be lulls, there’ll be periods of frantic activity and today has been, in terms of solid-gold info, slow. Let’s recap…

Sunday night, Huang decides the right way to proceed is to go public with his interest. (Let’s use the name ‘Huang’ as shorthand, here. Everyone now understands that he is the front man for a takeover group of, believe me, enormous wealth. If this comes down to Martin Broughton having the casting vote, he‘ll have to apologise to Abramovich and tell him they‘re worth a hundred of him). Paul McCarthy asked on SSN why Huang refused to sign a confidentiality clause, implying that this somehow made his bid less credible. Wrong. The opposite is true. Huang has driven this right out into the open so that the world can see how much is at stake and how it’s playing out. Nobody is suggesting that, behind closed doors, the Liverpool board might feel tempted to act in an underhand way. But with Huang taking his bid out into the open air, if the LFC board DOES subsequently decide to decline his offer they’re now obliged to tell us how they reached that decision.

I get my info from six different people at differing times. Four of them I’d call friends. They’re all, in their field, very well placed, very influential. They’re people who, if anyone could know, would know what’s going on with these bids. I trust them. And after yesterday‘s board meeting, they were convinced that the Huang bid was the one being taken seriously by the board, by RBS and by Barcap. To put it another way, there is only one bid that has been referred to the Premier League by Liverpool F.C, and that’s the Huang bid.

What happened between 11 last night and 6 this morning, when Alan Myers broke his Kirdi exclusive? The nature of the exclusive was that at 2 a.m he received an email from Kirdi announcing that he was in “advanced negotiations†with Gillet and Hicks. Nowhere in that statement were the names Barcap or Broughton mentioned, and nothing has appeared since to legitimise Kirdi‘s claims that a takeover is imminent. Only Myers knows why he just happened to be checking emails at 2 a.m - a scoundrel might suggest that the board meeting didn’t go quite as Gillett and Hicks were hoping, and long-established Hicks patsy Myers was contacted as a matter of urgency. Who knows. My own immediate reaction on seeing SSN’s latest sensational(ist) twist was a wry smile and a muttered:

“Here we go then. Bit later than we thought, but here comes George’s fight back…â€

As an aside, two of my sources work at the highest level in the City. They both believe that Gillett is about to go bust. According to them, he really, really needs to walk away from this sale with some profit. The “rocket†I alluded to comes from these sources, and is in relation to Gillett’s financial wellbeing. So I’ll say again - Gillett is some poker player. I almost admire his nerve. But in his shoes I’d quit while the going is as good as it is.

The only other thing I can say for sure is that Martin Broughton remains in talks with Kenneth Huang. And that Huang is still very much the front runner. But from a start point where I was sharing monumental information with a mature and generally reasonable forum this has got to a point where I now feel pressurised to provide updates and exclusives where, in reality, days can go by where not much happens. I’m just a fan, desperate to give you all good news but unless and until I can ascertain something conclusive, something that moves this thread significantly closer to the bit where we go out and celebrate, I won’t be posting for a while. And no more PM s please.
 
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