[lfc-news] L4 group out of picture - PA

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PA Sport, 8 Mar 2005
L4 GROUP OUT OF PICTURE

Liverpool have dismissed any chance of American-based L4 Group investing
in the club but remain determined to find new funds from elsewhere.

In an announcement via the Stock Exchange, the Anfield club ruled out a
cash injection from the consortium put together by two US-based
entertainment executives and thought to have the backing of the Kraft
family - owners of the New England Patriots (NFL) and the New England
Revolution soccer franchises.

"The board of Liverpool FC confirms it is continuing discussions with a
number of parties regarding a potential investment of new funds into the
club," said the statement.

"The club has discontinued discussions with the L4 Group. A further
announcement will be made when appropriate."

Just three months ago, Liverpool denied they were in negotiations with
L4. Conversations have obviously taken place since then, although the
outcome appears to have been unsatisfactory.

Tuesday's statement reflects the comments of chief executive Rick Parry,
who yesterday admitted Liverpool were still in talks with would-be
investors and admitted his club's third-largest shareholder Steve Morgan
is still in the frame after seeing previous bids rejected.

"We are looking for the right investment. A lot of effort is going into
that - and when the process has been completed we will then announce
something," he said.

Liverpool badly need extra funds as they seek to bankroll a new stadium
in Stanley Park, the cost of which has spiralled, and significant squad
rebuilding under manager Rafael Benitez.

The Reds have fallen behind their traditional rivals on the pitch - and
Benitez, who arrived at Anfield last summer, is planning a major
overhaul of his squad in the close season in an attempt to close the gap
on Chelsea, Manchester United and Arsenal.

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