In an announcement yesterday, the 57-year old Lim said his proposal represented a total investment of £360 million (RM1.77 billion) in cash, which valued the football club at £320 million, while an additional £40 million would be made available to purchase new players.
Lim in his news release said, “I respect and admire Liverpool Football Club, which is steeped in tradition and history. I am committed to rebuilding the club so that it can soon regain its position at the pinnacle of English and European football, where it truly belongs. This is why I have stepped forward with this offer.
“I believe that if its massive debt burden can be removed, the Club would be able to focus on improving its performance on the pitch. My offer pays off the existing owners’ bank acquisition debt and also frees the Club of its own bank debt. If the board accepts this offer, the monies are available immediately thereby removing the threat of administration.”
Singaporean tycoon Peter Lim has joined the bidding for beleaguered Liverpool Football Club, lodging a £360m cash bid inclusive of £40m for the purchase of new players.
News reports state that UK-based lawyers Macfarlanes and Singaporean lawyers Wong & Partnership have been roped in to assist Lim.
Lim is up against New England Sports Ventures (NESV), a company controlled by American tycoon John W Henry, who also owns baseball outfit Boston Red Sox, who had made an offer of £300 million last week.
Current co-owners Tom Hicks and George Gillett are looking at scuttling Henry’s offer, which is pending a High Court hearing this week to address the issue of whether chairman Broughton and the board could sell the club against the wishes of the co-owners. Both Hicks and Gillett stand to lose as much as £144 million if the NESV deal goes through.
“My offer provides a firm financial platform from which the Club can rebuild. Given the manner in which the sale process is handled, I feel Martin (Broughton) and the board owe it to me, to the club, and to the supporters, to consider my offer,” Lim added.
Liverpool has been crumbling under mounting debts and the need for a £450 million new stadium.
This article appeared in The Edge Financial Daily, October 13, 2010.
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