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Aug 20, 2010

Kenny Huang pulls out of deal for Liverpool

Hong Kong businessman Kenny Huang has withdrawn his high-profile attempt to buy Liverpool Football Club.

Huang issued a statement on Friday saying he and his company QSL Sports were pulling out of takeover talks with the Premier League outfit.

Huang was the first party to openly declare an interest in buying the Merseysiders from Americans Tom Hicks and George Gillett, but refused to comment when it was claimed his bid was backed by the Chinese government.

Huang's statement provided no reason for his decision to pull out of negotiations.

He said: ''Over the past few months we learned first-hand that Liverpool has a very special place in the hearts of millions of fans around the world.

''We concluded that a plan that properly capitalises the business and provides funds for a new stadium and player-related costs would allow Liverpool FC to provide its great fans with the success they deserve.

''Our strategy and unique ability to expand the fanbase in Asia would also have been of benefit to all. We regret that we will not have the opportunity to implement this strategy.

''We thank the many Liverpool fans who expressed support for our efforts and wish the club great success in the years to come. I am now considering my future options and will be making no further comment at this time.''

It was reported earlier this week that Huang was growing impatient with the Anfield board, who are carrying out due diligence on a number of bids received.

Huang's bid to buy Liverpool from its American owners is thought to have valued the club at around £325million. His decision to go public was followed by another declaration of interest from a consortium fronted by Syrian businessman Yahya Kirdi.

Huang, a tycoon well known in the Chinese sports industry, had pledged to clear Liverpool's debts and give manager Roy Hodgson funds to spend in the transfer market. It was reported, however, that he wanted a deal completed within two weeks or he would pull out.

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