Huang frustrated by pace of takeover

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Aug 02, 2010 - Liverpool, England, United Kingdom - China fund raises finance to match Liverpool asking price. China Investment Fund sold shares worth  351.4m. Sum is equivalent to Anfield club's debt. The Chinese fund represented by KENNY HUANG (minority shareholder of Cleveland Cavaliers) has spent the past fortnight raising precisely the amount of cash required to finance a bid for Liverpool. Sources have confirmed to Digger that the China Investment Corporation, the sovereign-wealth fund to the world's most populous nation, is the organisation being fronted by Huang, who yesterday admitted interest in bidding for Liverpool. In a series of trades since 19 July, CIC has sold $558m of shares in Morgan Stanley, equating to $374 million. That sum is equivalent to Liverpool's debt to the nearest decimal place, and is exactly the number insiders say has been quoted to interested parties as the sale price.

Chinese businessman Kenny Huang could be on the verge of withdrawing his interest in purchasing Liverpool Football Club, frustrated at the lack of pace the deal is being dealt with by the club.

Huang had hoped to complete a 100% takeover of the club in time to supply Reds boss Roy Hodgson with transfer funds to improve the squad before the transfer deadline at the end of the month. However, this is looking increasingly unlikely.

The Guardian reports today that Huang could end up withdrawing his offer for the club completely, with the board declaring recently that they are in “no rush” to see the deal go through.

Some reports suggest current owners Tom Hicks and George Gillett could be stalling the move.

To mark the end of the 30-year wait for a league title, the ‘Liverpool Mishmash’ poster is available to order exclusively on This Is Anfield — the history of the Reds in one image!

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