ENGLISH PREMIER LEAGUE:LAWYERS representing Tom Hicks will travel to Dubai next week to discuss a possible working relationship with Dubai International Capital (DIC), one based on the Texan's terms as he strives to become the majority Liverpool shareholder.
Anfield's co-owner appeared to soften his stance on the future ownership of the club yesterday when DIC claimed he was willing to meet them and to allow his co-chairman, George Gillett, to sell his 50 per cent stake to the investment arm of the Dubai government for around €281 million.
Hicks, however, has not veered from a determination to become the club's major influence and has instructed his lawyers to see whether DIC will reconsider their own ambitions to gain majority control.
Despite continuing efforts to raise funds for a rival bid for Gillett's investment and the power of veto over any sale to a third party, Hicks has indicated to DIC he would allow his co-owner to sell them his stake, though only 49 per cent or less.
The leverage buyout expert is seeking a minimum 51 per cent holding in Liverpool and insists any new shareholder coming into the club would have to accept a minority stake.
The American's hardline stance continues to present a fundamental obstacle to DIC's intentions and the company will have to increase its €261 million offer for Hicks' 50 per cent before the co-chairman even reconsiders his position. DIC are also becoming increasingly exasperated by Gillett, and next week's meeting in Dubai is unlikely to go ahead unless he has finally accepted their bid for his 13-month investment.
Gillett has been offered a €52 million profit on his 50 per cent stake as a premium for dissolving his business relationship with Hicks and thereby allowing DIC to exert pressure on Hicks to follow suit.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/YVIRIOZQ35EWRPZXR27KGMO6YU.png)