[lfc-news] Morgan close to pulling out of Liverpool deal - Telegraph

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Daily Telegraph, 8 Sept 2004
Morgan close to pulling out of Liverpool deal
By Mihir Bose

Steve Morgan, the man who has coveted Liverpool for so long, is losing
interest in buying the Anfield club after taking a close look at their
accounts.

Morgan has been waging a battle for control of the club with current
chairman David Moores and three weeks ago it seemed the pair had struck a deal.

Indeed at the beginning of the season it was noticeable that Moores kept
away from Liverpool matches including the tour of America and the season's
opener, while Morgan was very visible around the club.

Local businessman Morgan, who has made his fortune from the building
industry, was prepared to pay £73 million for a 29.9 per cent share of the
club after Moores failed to complete a deal with the Thai Prime Minister.

However, it seems Morgan has discovered that cost of building the club's
proposed new stadium is £40 million more than the £80 million he thought.

The club had been hoping for a grant of £15 million from the European Union
and that the Northwest Development Agency would provide the rest, but their
chief executive has made it clear the money will only come if Liverpool
groundshare with Everton.

Rick Parry, Liverpool's chief executive, rejects such a suggestion. "We
philosophically feel it should be a single-use stadium," he said. "Our
supporters are among the strongest in opposition to ground sharing."

This new stadium problem may explain why Liverpool are again looking east
for money.

The Thai media tycoon Paiboon Damrongchaitham says he will meet Liverpool
later this month to try to finalise a deal.

Paiboon, chairman of Thailand's top music and entertainment company, GMM
Grammy has set up a holding company, Liverpool Thai Holding Co, to buy a
29.9 per cent stake and took over negotiations after Thai Prime Minister
Thaksin Shinawatra was forced to back out of his deal.


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