DIC takeover discussions due

The Observer reports this morning that the Dubai International Capital investment group “is understood to be close to lodging an offer to buy out the American pair, probably for about £500m”.

Club owners George Gillett and Tom Hicks must find a way to refinance a £350million loan before a February deadline or face selling up and takeover discussions with the DIC ‘œare thought to be due before the end of this month.’

Gillett and Hicks ran into financial trouble for the club when the costs of the stadium began to rise higher than initial estimations and the demand from manager Rafael Benitez for more transfer money.

It is thought the pair are not keen on parting with their own cash to fund the repayment of the loan taken out to buy the club from the Royal Bank of Scotland.

The Observer believes the DIC are still interested in buying the club and the reported £500million offer to the American tycoons would give Gillett and Hicks profit of £75million each.