Tom Hicks, co-owner of Britain's Liverpool football club has ended talks with Dubai International Capital (DIC) that seeks acquisition of stake in the club, local newspaper Khaleej Times reported on Wednesday.
"Based on a meeting held earlier in Dubai between my representatives and officials of DIC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the club," a statement by Hicks was quoted as saying.
Kop is the holding company set up by Hicks and the other co-owner of Liverpool club George Gillett.
"DIC made it clear that if they invested in the club they would want it to be managed by committee," Hicks said.
"It is clear to me such a committee approach would not be in the best interest of Kop, the club or the club's loyal and passionate supporters," he added.
It was reported that DIC initially offered 200 million pounds (397 million U.S. dollars) to Hicks and Gillett respectively in exchange of the shares they hold in Liverpool club and agreed later to buy 49 percent from Gillett, leaving Hicks with 51 percent.
But the company insisted on being included in the running of Liverpool, a condition not agreeable to Hicks.
Hicks and Gillett took over the club in 2006 for 174 million pounds (343.4 million dollars).
Under the terms of their co-ownership agreement, neither party can sell his stake to a third party without the approval of the other.
Established in 2004, DIC is a Dubai-based international investment company and a wholly owned subsidiary of Dubai Holding, a holding company owned by the Dubai government.
In 2007, DIC acquired substantial stakes in three Global Fortune 500 companies, namely HSBC Holdings, European Aeronautic Defense and Space Co. (EADS) and Sony.
Source: Xinhua
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