[lfc-news] Morgan's third bid turned down - PA

------------------------ Yahoo! Groups Sponsor --------------------~-->
$9.95 domain names from Yahoo!. Register anything.
http://us.click.yahoo.com/J8kdrA/y20IAA/yQLSAA/2_TolB/TM
--------------------------------------------------------------------~->

PA Sport, 24 Aug 2004
MORGAN'S THIRD BID TURNED DOWN

Steve Morgan's third attempt to buy control of Liverpool has been rejected.

The building tycoon's proposal would have given the club £50million for
players and their new stadium.

The Jersey-based Liverpool fanatic, who is having a mansion built in
Cheshire near his Carden Park Hotel complex, has been desperate to take a
controlling interest in the club.

He currently has the club's third biggest shareholding but wants the role
of chairman at Anfield.

Morgan insists talks are still "on going" but admits the current
discussions have "ground to a halt" over the split of the £70million
package he has proposed.

Morgan said: "It's my firm belief that to take it forward from its present
position, the club requires a capital injection of this magnitude in order
to rebuild the squad and provide equity funding for the new stadium. I am
disappointed that the board do not appear to share my view."

Two previous attempts have been rejected where Morgan would have bought
15,000 unissued shares to underwrite a share issue.

This time he has come back with an offer to buy the same amount of shares,
plus Granada's 10% holding and a major part of chairman David Moores'
majority control.

But the deal has been collapsed with a disagreement over the valuation of
shares and Morgan's concerns over the cost of the new stadium at Stanley
Park rising over £100million.

Moores wants his £70million to go to manager Rafael Benitez and the stadium
costs, but that would mean Moores and Granada accepting around £2,000 a
share rather than the £4,000 a share that the recent Thailand bid was
prepared to offer.

To encourage Moores to sell his shares, Morgan may need another £10million.

Moores attended Saturday's home game with Manchester City but did not
travel to watch the opening match at Tottenham or the Champions League
qualifier in Graz a fortnight ago.

Morgan travelled in his own private jet to Austria for that match and was a
significant figure around the team hotel where he was reported to be
discussing his new deal with chief executive Rick Parry.

Those talks had been going on secretly for five weeks before the deal was
rejected but Morgan could still be back with a fourth bid.

Morgan issued a statement through his PR company tonight saying: "Following
recent media speculation and to set the record straight, Merseyside-born
businessman and lifelong Liverpool supporter Steve Morgan today confirmed
that recent discussions with Liverpool regarding a proposed £70 million
share purchase had ground to a halt.

"Behind-the-scenes negotiations had been taking place in recent weeks and
had reached an advanced stage. However, the two sides had failed to agree
on how the £70million investment should be split between the club and
shareholders.

"Mr Morgan's latest offer would have placed £50million directly at the
club's disposal."


Unsubscribe: lfc-news-unsubscribe@yahoogroups.com
http://www.lfc-list.org.uk/

Yahoo! Groups Links

<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/lfc-news/

<*> To unsubscribe from this group, send an email to:
lfc-news-unsubscribe@yahoogroups.com

<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/