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Tue, Oct 12, 2010
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Peter Lim increases bid to $750 million for Liverpool

Singapore businessman, Peter Lim, today lodged an increased offer for Liverpool Football Club with the Chairman of the Board of Kop Football (Holdings) Ltd, Martin Broughton.

The proposal represents a total investment of 360 million pounds (S$750 million). The offer values the Club at 320 million pounds (S$667 million).

A further 40 million pounds  (S$83.4 million) will be made available to purchase new players.

Another 80 million pounds (S$167 million) will completely pay off the Club's bank debt, the fees and interest accruing on the bank debt, and provide additional working capital for the Club.

In a written statement, Lim said, "I believe that if its massive debt burden can be removed, the Club would be able to focus on improving its performance on the pitch.

"My offer pays off the existing owners' bank acquisition debt and also frees the Club of its own bank debt.

Commenting on the 40 million pounds to be specifically allocated to buying new players in the upcoming transfer season, Lim stressed that the immediate priority is to ensure the squad is strengthened for the remainder of the season.

"The Club needs to strengthen its existing squad. As part of this offer, I will be injecting 40 million pounds in cash into the Club for Roy Hodgson to bring in new players during the upcoming transfer window.

Related links:
» Singapore businessman to renew Liverpool bid: BBC

» Singapore tycoon Lim a sports fan and shrewd investor

 

"Liverpool needs to start winning again!"

Like the previous offer tabled by Lim, the new offer is entirely in cash and he will not obtain any financing for the offer as the funding comes from his own cash resources.

This is unlike John Henry's New England Sport Ventures, who has to borrow to finance the takeover, ringing alarm bells within Liverpool's board. This raised concerns that the club would find itself no better off under new American owners as their present ones.

New England Sports Ventures had a 300 million pound bid for the club accepted last week, with chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre outvoting co-owners Tom Hicks and George Gillett.

 

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