Kenny Huang decided to withdraw from the race to buy Liverpool because of his increasing disillusionment with chairman Martin Broughton and the club’s board over the timescale and pace of a deal, it has emerged.
It is believed Huang was unimpressed at Liverpool’s unwillingness to set a general “horizon date†for the completion of a sale.
He is also thought to have been concerned by Broughton’s insistence that the board should reserve the right to accept an 11th-hour bid from another candidate even if the terms of sale had been agreed.
Broughton has been persistent in his assertion that he will not be corralled into rushing a sale by any candidate while sources close to the process are adamant it is in the club’s best interests to keep an open mind on the winning bidder until the very last minute.
Huang, the only contender to buy the debt-laden club who had made his intentions plain, issued a statement on Friday night.
In it he revealed that he had informed Liverpool’s board that he no longer wished to be considered a candidate to buy out the stakes of current owners Tom Hicks and George Gillett.
Though his bid has been laced with questions over the provenance of its funding since it was first revealed earlier this month, his advisers insist his finances were checked and approved by the Royal Bank of Scotland, who hold Liverpool’s £237 million debt, and Barclays Capital, the bank mandated to run the sale process.
He is also believed to have supplied all supporting paperwork requested by the club.
Huang was viewed as a “serious contender†by all parties linked to the sale, but grew frustrated at the board’s perceived prevarication.
He was refused a period of exclusivity in which to finalise his bid last week – he had wanted a deal to be agreed before the closure of the transfer window.
He was also concerned by the revelation that BarCap had been involved in an abortive attempt in June by Hicks and Gillett to refinance their debt and forego a sale.
Sources at Liverpool and BarCap have insisted the departure of Huang from the negotiating table is not a hammer blow to the sales process.
It has been suggested there may be as many as four other bids on the table, though as yet no other group has confirmed its interest. Liverpool’s board are believed to be discussing their options should no sale be secured.
