Amanda Staveley pictured at a Champions League match between Liverpool and Chelsea at Anfield in 2008, the last time she was involved in a fruitless bid to acquire the club Reuters
Amanda Staveley pictured at a Champions League match between Liverpool and Chelsea at Anfield in 2008, the last time she was involved in a fruitless bid to acquire the club Reuters

Liverpool owners turned down £1.5bn offer to buy club from Dubai financier



The American owners of Liverpool FC turned down a deal worth up to £1.5 billion to sell the club to an investment consortium led by Dubai financier Amanda Staveley, it has emerged.

Following more than a year of negotiations, the sale was killed at the eleventh hour by Fenway Sports Group, who also own the Boston Red Sox, with FSG believing that the economic outlook for the English Premier League was such that they could realise a better price in the future, sources close to the negotiations told The National.

Until now, speculation has swarmed around Ms Staveley and her firm PCP Capital Partners over the possibility that either Liverpool or their rivals Newcastle United could be the subject of a bid after she and her husband - and the firm’s managing partner - Mehrdad Ghodoussi were seen at St James’ Park earlier this month for a Premier League match between the two clubs.

It was in fact at that match that the pair turned their attentions to a potential acquisition of Newcastle United, the sources said.

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Since then, Newcastle owner and Sports Direct founder Mike Ashley has announced his intention to sell the side he first acquired an interest in in 2007.

A consortium, led by PCP Capital Partners and including Arabian Gulf and Chinese investors, is now in discussions to buy the club for a deal worth at least £300m.

However, the initial focus was on Liverpool, the sources said, with talks that first began in April last year.

Ms Staveley was also involved in an earlier and ultimately fruitless bid by Dubai investors for Liverpool in 2008. Similarly, it was the actions of the then American owners, Tom Hicks and George Gillett that helped kill the deal at the last minute.

This time it appeared that the deal would go through given the offer of an initial £1.2bn in cash potentially rising to £1.5bn contingent on certain criteria such as Uefa Champions League performance. FSG bought the club for £300m in 2010.

However, FSG pulled the plug last month because, the sources said, with global TV rights expected to rapidly increase over the next two cycles the group believed that the club was being undervalued. Premier League rivals Manchester United are valued at around £2.7bn, according to KPMG.

Interest from digital media companies, such as Facebook and Amazon, ahead of next year’s auction of Premier League broadcasting rights – both domestic and global – has led to football clubs anticipating that traditional broadcasters will pay more to secure live football which is a critical part of their business models.

In recent weeks, activity on social media channels has shown in equal measure expressions of excitement and scepticism over Ms Staveley’s potential involvement in both Liverpool and Newcastle United.

There is anticipation on all sides however about which of this weekend’s Premier League games she might attend, with Liverpool fans the most likely to be disappointed.

Ahead of Newcastle United’s game away at Burnley on Monday, supporter @wallacemark2607 tweeted: “@FlagsLeazes please get an Amanda Staveley flag done for next game we need her to see how much fans want her to take over our club.”

A statement earlier this month from Mr Ashley said that the club had been put up for sale in the interests of the fans and to give the best possible “opportunity of securing the positioning and investment necessary to take it to the next level at what is an important time in its history.”

PCP Capital Partners, Liverpool and FSG declined to comment when contacted by The National.

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

AUSTRALIA SQUAD

Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.

RESULT

Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')

Turkish Ladies

Various artists, Sony Music Turkey 

RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.