Morgan withdraws Liverpool offer

From the BBC: Morgan withdraws Liverpool offer

Profile: Who is Steve Morgan?

Tycoon Steve Morgan has abandoned his £70m bid to take control of Liverpool.

His lawyer said in a statement: "Steve has lost patience with the board using his offer as a stopgap while they look for a better one."

The businessman has been trying to invest in the club for several years and made his first official bid in May.

Morgan claims he has been discussing his latest offer with the club for two months but withdrew it after growing tired of their "indecision".

The closest Morgan came to seizing control of Liverpool came in August when a deal was agreed in principle.

It fell through after Morgan carried out business checks on Liverpool's finances which revealed the cost of their proposed new stadium had risen from £80m to £115m.

He consequently told the club's directors: "Please tell the truth about the figures for the stadium. You must come clean about what the costs really are.

"If this room knew half the things from the investigation I undertook they would be appalled, and understand why I revised my offer."

But at the club's AGM at the beginning of December, current chairman David Moores said it "may be time" to accept Morgan's proposal.

Steve has other things to do with his life Steve Morgan's lawyer

At the same meeting, club directors hinted that other offers were being considered and Morgan responded by setting the club a seven-day deadline to make a decision on his bid.

Liverpool failed to respond and on Tuesday, Morgan decided to withdraw his offer.

"Steve is no longer prepared to be used as as stalking horse," said his lawyer.

"He loves the club and desperately wants to take it forward, but he simply can't wait around forever.

"He has other things to do with his life.

"He just hopes for the sake of the fans and the shareholders that the directors urgently secure a deal and get on with it, as it is clear that the club badly needs investment."