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 Posted by ESPN Staff
Jan 14, 2007

Liverpool Dubai deal almost done - Parry

Liverpool chief executive Rick Parry has revealed the takeover of the club by investors from Dubai is almost complete and that a concrete announcement will be made 'relatively soon'.

Dubai International Capital, the investment arm of the Dubai government, tabled a reported £450million bid in December and are currently completing legal formalities and the process of due diligence.

Parry told Sportsweek on BBC Radio Five Live: 'A huge amount of work has been going on from both parts. I imagine we'll have something concrete to say relatively soon on that.

'They are finalising all the legal work. They have been examining the books and satisfying themselves that everything is fine on that score.

'There is lot of legal work to do and investigations going on into the funding of the new stadium, which is a very important project for us.

'It is a case of finalising the due diligence and pulling everything together, which we hope will be completed relatively quickly.

'It is looking positive and yes, I am confident (it will go through).'

Parry confirmed the takeover would bring in the additional funds that manager Rafael Benitez wants to strengthen his squad for a tilt at the Barclays Premiership title.

But he insisted DIC are interested in building a platform for long-term success and not just bank-rolling a quick fix.

The construction of a new stadium is central to the takeover bid and Parry said: 'They will certainly help take us to the next level.

'Their whole business model, with the new stadium at the centre, is based on success and that you have to invest to stay at the top.

'It's not going to be a rich man's play thing. It is not a quick fix. It is not about rushing out to buy players for success this season or next season. It is about securing a model for long-term success.

'It helps that most of the key people we have been dealing with are genuine Liverpool supporters so they understand what we are about.'

Parry defended Benitez's rotation policy, which came under scrutiny again this week after Liverpool were thumped 6-3 by Arsenal in the Carling Cup quarter-final.

He added that, while the takeover talk bubbles on, Liverpool are hard at work trying to strengthen their squad before the transfer window closes at the end of the month.

'We are working on a few things at the moment and the news will be revealed as and when we are ready. We are working hard on it,' he said.

'We have a lot of games still to play and we have had a couple of injuries, so it is unlikely anyone will be going out.'

Parry confirmed that Benitez turned down the chance to manage Real Madrid in the summer because of his commitment to Liverpool.

'It was pretty serious and for Rafa it was clearly a temptation because Real Madrid is his club. He has been there as a player and as a coach,' he said.

'It will always be an opportunity he will have to consider but we sat down for a few hours together and talked about the direction the club was taking.

'He believed in the direction we are taking and he believed in the way we are going about it. We are all passionate to win trophies and the one we would really love to win is the Premier League.

'Rafa is impatient for success, as we all are. He enjoys being in Liverpool and the point is that he believed in the direction we were taking and that our mutual ambitions still matched.'