Anfield owners in dreamland, say DIC

DUBAI INTERNATIONAL Capital has warned Tom Hicks it will not improve its offer for Liverpool after the Anfield co-chairman rejected an opening bid of €520m for the club. DIC's chief executive, Sameer al-Ansari, a lifelong Liverpool supporter, yesterday went public with his frustration at the demands of Hicks and the American's co-owner, George Gillett, confirming talks had taken place.

"The owners are in dreamland about valuations at the moment," he said. He later clarified that one of the owners "had come out of dreamland", without elaborating.

Hicks and Gillett received offers last Wednesday of €260m for each's 50 per cent stake in liverpool - giving each a profit of €32.6m on their 13-month investment - from Amanda Staveley, a partner of the investment firm PCP that represents DIC, who set a deadline of midnight last night to pressure Gillett into agreement.

DIC were yesterday holding talks with lawyers for Gillett about the sale of his 50 per cent stake and hope an agreement will put pressure on Hicks to follow suit.

Hicks "turned down their offer immediately upon receipt", according to a source involved in the negotiations, while Gillett, although committed to selling, is believed to be holding out for a larger profit.

Gillett has encouraged DIC for several months without committing to a deal and his stance has enabled his co-chairman to explore ways of raising the capital required to buy a majority stake.

Both businessmen have first refusal on the other's investment along with the power of veto over any sale, an option Hicks declared a willingness to employ after receiving DIC's offer last week.

Hicks has held extensive talks with would-be investors prepared to back his attempt to buy Gillett out and is determined to retain a shareholding.

Unless DIC raise their offer, or the club struggles to meet annual interest payments of almost €39m, Hicks's position will stymie the investment arm of the Dubai government.

It is understood Hicks will only approve the sale of Gillett's stake to a third party who will allow him to gain majority control. DIC have made clear their intention to become the dominant influence at Anfield and, with their opening bid stalled, may wait on the success or otherwise of Hicks's attempts to buy out Gillett.

Al-Ansari's warning came ahead of the home game against West Ham tonight and encouraged supporters' groups opposed to the Americans.

Neil Atkinson, spokesman for the Liverpool Supporters Union Spirit Of Shankly, said: "Supporters will make their feelings known at the West Ham game. Let Mr Hicks and Mr Gillett go now with their profit."

Jose Reina, meanwhile, has admitted it is imperative Liverpool win their game in hand on Everton tonight and keep fourth place from their local rivals before they meet at Anfield on March 30th.

"Our main target now is to have more points than Everton when the time comes to play them," said the Liverpool goalkeeper.

"That game is coming up soon and we know it will be difficult."