Kenny Huang linked to Liverpool takeover

[Juan Galonso]

Chinese on the verge of walking out on Liverpool takeover deal

 

Tony Evans, Football Editor, Helen Power, Business Correspondent

 

Exclusive

 

The Liverpool takeover saga was plunged into crisis last night when Kenny Huang delivered a take-it-or-leave it message to Martin Broughton.

 

Huang, the Hong Kong-based businessman, has grown frustrated by what he perceives as delaying tactics by the Liverpool chairman and will walk away unless the Chinese bid is accepted.

 

Despite Liverpool’s assertions that there are other bidders, Huang believes that his offer is the only viable one on the table. Senior members of the hierarchy at Liverpool have also expressed concern at the pace of the sales process.

 

After the Chinese interest was revealed in these pages two weeks ago, Broughton said that he expected the club to be sold by the end of last week. However, the deadline passed with Anfield sources claiming that there were still as many as five bids. Huang — who has China Investment Corporation, one of the world’s biggest sovereign wealth funds, among his backers — believes that this is a ploy to push up the price.

 

Liverpool have suggested that Huang has not offered proof of funds but The Times understands that the Chinese bid has supplied all the necessary documentation required by the memorandum of sale, a legal framework for potential buyers.

 

A source close to Royal Bank of Scotland (RBS) — which is owed £237 million by Tom Hicks and George Gillett Jr, Liverpool’s owners — said last night that Huang was “there or thereabouts” on providing proof of funding to Barclays Capital, the investment bank brokering the deal. The Chinese offer would make the club debt-free and also bring large-scale investment as part of a total outlay of about £800 million.

 

Huang is eager to complete the deal before the transfer window closes. The Chinese are concerned that without investment in the squad Liverpool could finish outside the top four this season and want to be in place to provide funds for Roy Hodgson, the manager, as quickly as possible.

 

Huang has a transfer war chest and has put aside cash to build a new stadium. The Chinese will not dip into these budgets to increase their offer and benefit Hicks and Gillett at the expense of investment in Anfield.

 

Huang’s stance will heap pressure on Broughton. The chairman of British Airways was brought into the club in April to oversee the sale. The 63-year-old arrived at Anfield with impeccable credentials in the City. However, Broughton has struggled to fulfil this role and is in danger of damaging his reputation.

 

RBS believes that Huang has the most credible bid and played down the notion of five potential buyers. Sources close to the bank said it was possible that GameDay, the Montreal-based group behind Yahya Kirdi, the Syrian businessman, may become a serious contender if it can show proof of funds.

 

Rhône Capital, the American private equity group, is still in discussions with Barclays Capital but has not been able to raise sufficient funds to bid.

 

It has also emerged that RBS could, if necessary, seize control of Liverpool without putting the club into administration, a move that would result in an automatic nine-point deduction by the Premier League.

 

The bank has been charging Hicks and Gillett £2.5 million a week in penalty fees and could threaten to pursue the Americans for the money if they fail to hand over the keys to Liverpool as part of a debt-for-equity swap.

 

Other options would include removing Hicks and Gillett from the club’s board.

 

The Times

 

And the idiot STILL can't get the amount of debt we are currently in correct. 282m and counting you stuttering shit for brains.

 

Talk about covering your own arse. I want some of what this Evans fella has been smoking. How the fuck can he give credibility to a story saying the Chinese are getting frustrated when until last Friday they hadn't even placed a bid?

 

How much longer must this shite be swallowed? China to buy LFC (Front page as well),....er well, he's just preparing a bid....er....he has bid, even though club are saying he hasn't bid....er....he's pulling out of bid because the club isn't acting quickly enough.

 

He will be telling us Shergar is buying the club next. Absolute buffoon.

[Ted]

I don't get this; aren't the board going to take their time over each and every offer? They've made that much clear a couple of times, so for Huang or Bick or whoever to be using The Times to try and force Liverpool's hand is surely just fucking stupid.

 

And I really think Tony Evans should know better than to be doing the dog work of these clowns, writing stuff like that and putting pressure on the board, given how the last takeover turned out after a relatively quick sale.

 

If Broughton, Purslow etc are true to their word, and wish to take a fair amount of time to ensure that we're left in capable hands, then more power them. If Huang is going to have his cronies try and force us into his bullshit "take it or leave it" (which shows him up as a bit desperate) then I reckon we'd do well to just steer well clear of him.

[Red Nick]

George Bush would have been a far better option

 

Haung is great at playing PR but has no money

[Son of L8]

The times are talking a crock of shit

 

Proof of funds is easy, a letter signed by HSBC to verify that x Account holder in X China bank has liquid funds ready to compele the transaction immediately this would be secured by a letter of credit from x bank to HSBC

 

It isnt that simple at all. Part of the requirements of the deal is plans for investment in the squad and the stadium, which arent part of the transaction, and the Chinese bid is apparently backed by a number of different parties - who wont have stumped up their share in cash before the deal has been agreed. so "proof of funds" involves verifying the finances of a range of individuals and/or organizations who have committed to the bid, and providing a detailed plan for funding long-term investments which will be studied by the people acting for the club.

 

Its not just a case of Kenny Boy getting a letter from his bank manager saying hes got 800 million nicker going spare.

[Red Nick]

It isnt that simple at all. Part of the requirements of the deal is plans for investment in the squad and the stadium, which arent part of the transaction, and the Chinese bid is apparently backed by a number of different parties - who wont have stumped up their share in cash before the deal has been agreed. so "proof of funds" involves verifying the finances of a range of individuals and/or organizations who have committed to the bid, and providing a detailed plan for funding long-term investments which will be studied by the people acting for the club.

 

Its not just a case of Kenny Boy getting a letter from his bank manager saying hes got 800 million nicker going spare.

 

Take your point about the addtional funds but lets face it all RBS want is there money back besides what the official line is

[Barrington Womble]

I don't get this; aren't the board going to take their time over each and every offer? They've made that much clear a couple of times, so for Huang or Bick or whoever to be using The Times to try and force Liverpool's hand is surely just fucking stupid.

 

And I really think Tony Evans should know better than to be doing the dog work of these clowns, writing stuff like that and putting pressure on the board, given how the last takeover turned out after a relatively quick sale.

 

If Broughton, Purslow etc are true to their word, and wish to take a fair amount of time to ensure that we're left in capable hands, then more power them. If Huang is going to have his cronies try and force us into his bullshit "take it or leave it" (which shows him up as a bit desperate) then I reckon we'd do well to just steer well clear of him.

Ted, yesterday parts if the press would have us belive kirdi was deffo ruled out. Perhaps today huang has been and now rather than look like a failed bid, huang wants to make it look like he's walking away?

[Ted]

I don't think he was ever even a serious bidder, mate. Reaked of Pompey's ownership shenanigans.

[Son of L8]

Take your point about the addtional funds but lets face it all RBS want is there money back besides what the official line is

 

Oh yeah, I dont doubt that mate. But I do think they know that if they were seen to have sold LFC down the river for 30 pieces of silver, with them being essentially a public asset, the localized anger from Liverpool fans over the last year or so would have the potential to turn into a national shitstorm. So they're bound out of their own self-interest to keep this from going badly south, which should work in our favour at least to some degree.

[Anubis]

Or the times are trying to make it look like huang was a viable option that decided to walk away rather than a tit with no money?

 

Yes, quite possibly.

[Arl arse]

Ok, just got off the phone to a lad who is close to this deal. Here's what he's told me:

 

Funds for the CIC consortium were proved over a week ago, this is just our friends G&H angling for a bigger slice of the pie, Huang has been instructed to take no shit from them as they are in no position to make any demands, RBS have them over a barrel and are breathing heavily down their necks.

 

This press release has been orchistrated to crank up the pressure on the Yanks, this is all part of the end-game.

 

Broughton is somewhat caught in the crossfire but ultimately he knows he is the one whose reputation is on the line and he is going through the offer with a fine tooth comb so as to avoid becoming the next DM/Coco.

[Juan Galonso]

The fact that SOS bigged this Evans gobshite up at their rally proves how fucked up this all is.

 

This man went on the front page of his paper and said that Huang WILL buy Liverpool. Only two short weeks later he is trying to get himself out of that massive hole he has dug for himself. The man has no credibility and even less respect after his shite he pulled on Talksport in the summer.

 

In the meantime while this idiot has been licking Bick/Huang etc's arse the Yanks are trying to refinance and it is slipping under the radar despite the best efforts of certain other journalists recently.

 

Nice to know the man has his priorities right.

 

''I would like to thank Tony Evans for being so good at his job''. Yes, quite.

[Silly season]

Ok, just got off the phone to a lad who is close to this deal. Here's what he's told me:

 

Funds for the CIC consortium were proved over a week ago, this is just our friends G&H angling for a bigger slice of the pie, Huang has been instructed to take no shit from them as they are in no position to make any demands, RBS have them over a barrel and are breathing heavily down their necks.

 

This press release has been orchistrated to crank up the pressure on the Yanks, this is all part of the end-game.

 

Broughton is somewhat caught in the crossfire but ultimately he knows he is the one whose reputation is on the line and he is going through the offer with a fine tooth comb so as to avoid becoming the next DM/Coco.

 

 

Really hope your right mate. Keep us posted.

 

I'm getting nothing new from the person I know that does the minutes, nothing that I haven't already posted. Issue is that they only get to do board meetings so all this RBS talk and Huang to Broughton stuff I don't think anyone but the people involved know much if anything at all about that!

 

Fingers crossed and hope for the best eh?

[Royal Family]

Hmmm. So leaking to the press that he's ready to walk away ... and yet still hasn't produced definitive proof of funds. Hasn't even started due diligence. Simply does not stack up.

 

Smacks of the Times desperately trying to cover its back to me for having been taken in by the PR guff - and a convenient get-out clause for a man who is no more plausible an owner than Mr Wang, the owner of my (very good) local Chinese takeway.

 

Red faces all round in the Murdoch press? We'll see, I guess.

[1892-LFCWasBorn]

Ok, just got off the phone to a lad who is close to this deal. Here's what he's told me:

 

Funds for the CIC consortium were proved over a week ago, this is just our friends G&H angling for a bigger slice of the pie, Huang has been instructed to take no shit from them as they are in no position to make any demands, RBS have them over a barrel and are breathing heavily down their necks.

 

This press release has been orchistrated to crank up the pressure on the Yanks, this is all part of the end-game.

 

Broughton is somewhat caught in the crossfire but ultimately he knows he is the one whose reputation is on the line and he is going through the offer with a fine tooth comb so as to avoid becoming the next DM/Coco.

 

Thought the cunts didn't have any say in this or was that all bullshit?

 

Sorry completely lost track of the goings on since last Friday. How much have Huang/CIC offered?

[RedKnight]

End. Game. Well when we say 'end', we mean the middle. Well we say 'middle' but we mean we don't know.

[PauloDiCunnio]

I get the impression that Huang either has limited funds behind him and has offered below the valuation set by RBS/MB and won't go any higher or Huang is trying to whip the fans into a frenzy by making it known that H&G will walk away with nothing, and applying pressure to the board to sell to him quickly. Or maybe both?

 

One thing that is true is that Broughton knows he can't mess this one up like Moores and Parry did, or his flawless reputation will be tarnished forever. He's under pressure to conduct a quick sale, but under more pressure to conduct the "right" sale. We all want it tied up ASAP, but don't want to see the club fall into the hands of any incompetent gobshites.

[The Dude Abides]

Can someone move this nonsense to the special secret forum? Makes my fucking head hurt.

[Carradona]

What a fuck up. From start to finish. Tony Evans should hang his head in shame.

[redsfan]

Ok, just got off the phone to a lad who is close to this deal. Here's what he's told me:

 

Funds for the CIC consortium were proved over a week ago, this is just our friends G&H angling for a bigger slice of the pie, Huang has been instructed to take no shit from them as they are in no position to make any demands, RBS have them over a barrel and are breathing heavily down their necks.

 

This press release has been orchistrated to crank up the pressure on the Yanks, this is all part of the end-game.

 

Broughton is somewhat caught in the crossfire but ultimately he knows he is the one whose reputation is on the line and he is going through the offer with a fine tooth comb so as to avoid becoming the next DM/Coco.

 

 

Hope so,. Hope it is about piling pressure on them and that Hunag knows full well that he has backing from the other three and although Broughton has overall power in the board room, I think he is after the yanks accepting this offer and by going through it with a fie tooth comb, he can turn around and say to the yanks, there is nothing wrong with this offer, you are on no grounds to reject it therefore you only realistic option is to accept. I get the feeling that once the yanks go, were gonna have so many people coming out saying how hard they were to work with.

[Ted]

Can someone move this nonsense to the special secret forum? Makes my fucking head hurt.

 

Fuck you, we're not having this shite over there.

 

[Arl arse]

No idea on amount offered, from what I have been told Huang's bid is certainly not the highest on the table but it is the most concrete.

 

Where G&H come into it is through 'non verified' bids being higher so they are claiming the board have a legal obligation to accept the highest offer.

 

Apparently Broughton is can see right through this ploy but has to cover all eventualities and ultimately stick to his word of doing the best deal for LFC not G&H.

[Il Fenomeno]

In the meantime while this idiot has been licking Bick/Huang etc's arse the Yanks are trying to refinance and it is slipping under the radar despite the best efforts of certain other journalists recently.

 

Nice to know the man has his priorities right.

 

''I would like to thank Tony Evans for being so good at his job''. Yes, quite.

 

Still don't understand why they even bothered singling certain journos out really.

[Ted]

No idea on amount offered, from what I have been told Huang's bid is certainly not the highest on the table but it is the most concrete.

 

Where G&H come into it is through 'non verified' bids being higher so they are claiming the board have a legal obligation to accept the highest offer.

 

Apparently Broughton is can see right through this ploy but has to cover all eventualities and ultimately stick to his word of doing the best deal for LFC not G&H.

 

How can it be the most concrete when no-one knows if he's provided proof of funds and is looking to run at the first sign that we won't roll over for him?

[Ring of Fire]

When will this bollocks end? Fuck the lot of them, messing with our hearts and minds, playing on our weaknesses knowing we would do anything to get shot of the Yank vermin. If you have the fans interests at heart, make it happen. If not, piss off, stop playing media games, we have had enough. We want our football club back.

[Arl arse]

He provided proof of funds, proof of backers a week ago.