Liverpool co-owner Tom Hicks has made a bid to buy all or part of George Gillett Jr's share of the Premier League club, a source has said.
Hicks is still negotiating with Gillett after the duo turned down a ?400 million (US$791 million) offer for the English club from Dubai International Capital, a person involved with the negotiations said on Tuesday. He spoke on condition of anonymity because of the sensitivity of the situation.
It was unclear if Hicks is planning to buy all or only part of Gillett's 50 percent stake.
Earlier, Hicks "turned down their [DIC's] offer immediately upon receipt," the person said, adding that the Texan is still willing to allow Gillett to sell 49 percent of the club as long as Hicks gets the other 1 percent.
Hicks and Gillett have the power to block each other from selling.
Hicks, however, doesn't believe DIC will want to buy only 49 percent of the club, reflecting the consortium's insistence that its bid is reliant on being the majority stake-holder.
"They [DIC] want control but they can't get it," the person said.
DIC has a team of lawyers locked in negotiations, an executive working on the bid said.
Gillett has been in close contact with DIC in recent weeks after deciding to end his troubled spell at Anfield. Hicks, however, has said he is committed to retaining his share of Liverpool.
The DIC bid emerged after chief executive Sameer al-Ansari said Monday that Hicks and Gillett had "come out of dreamland" over the worth of the Premier League club.
Hicks revealed in January that he had spoken to DIC about a "10 to 15 percent participation" but that his valuation was deemed to be too high.
Since then, however, Hicks has said he is committed to retaining his share of Liverpool and told the press that he anticipates taking a "more active role" with the 18-time English champions.
JP Morgan Chase & Co have been tasked with raising funds by trying to attract market interest in new shares in the Hicks Sports Group, which includes his US sports franchises.
Uncertainty in the global markets prevented the investment bankers in January from attracting interest in a private placement. But they have been back at Anfield in recent weeks to update the figures to facilitate Hicks raising the funds to take sole control of the club.
Hicks and Gillett bought Liverpool for ?218.9 million in March last year. This included an agreement to pay off about ?45 million in debt and a pledge to build and finance a new stadium.
Liverpool fans originally embraced the American owners but then turned on them after their public feud with popular manager Rafa Benitez over transfers, leading to demonstrations.
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