Liverpool takeover bid

shotamoose

Story from BBC News Online (link) :

Magnate makes Liverpool bid

A formal takeover bid has been launched for Liverpool, BBC Radio Merseyside understands.

The offer has been made by building magnate Steve Morgan, a vociferous critic of chairman David Moores, Liverpool's majority shareholder.

Multi-millionaire Morgan's bid of between £40m and £50m could give him a controlling interest in Liverpool.

Liverpool, who have refused to comment on the offer, have appointed Hawkpoint Partners to look at all the options.

With a 5% stake in Liverpool, Morgan is Liverpool's third biggest shareholder - Moores has a 51% majority stake, while Granada owns 10%.

In January Moores had to withstand a sustained verbal assault at the club's annual general meeting from Morgan, who does not hold a position on the board.

Then Morgan, who has an estimated fortune of more than £300m, said: "The chairman has refused to talk to me.

"Money is available from me and others, but the chairman will not dilute his holding."

Moores responded by saying: "It is time to bury the hatchet, if you (Morgan) want a meeting, we will sit down and talk it over.

"This is no good for this club, we must bury the hatchet. If it means diluting my shares or even selling to another Roman Abramovich, I will have to do it."

Last week Thai prime minister Thaksin Shinawatra confirmed he does not want to buy Liverpool.

I really wasn't expecting that last sentence ...

Ronan|Raven

I read a month or so back about Mr Morgan in The Kop fanzine. Seems like he has a lot of money and wants to put it into the club, his only stipulation being that Mr Moore's steps down.

Interesting times ahead.

Johnny_the_fox

mmm... interesting... if Moore goes.. that will be the end of GH reign as manager.. mmm... interesting...

KdjaCL

And the beginning of Ranieris??


Someone said that to me other night in pub (the source of all football knowledge ...LOL )

Kdjac

Johnny_the_fox

from the bbc

Morgan proposal 'rejected'

Liverpool chairman Moores (left) is the club's majority shareholder
Liverpool have rejected an investment proposal from property developer Steve Morgan, according to the magnate.

The Liverpool-born multi-millionaire had hoped to inject cash into the club via a share issue.

A spokesman for Morgan said: "He has made a formal proposal which would result in a very significant injection of new capital into the club.

"That's been turned down. He now awaits the outcome of the board's strategic and financing review with interest."

bollox... :dunno:

stevemac

load of crap, moores can't be rated a good chairman and this guy can't be a bad thing.

Bannor

Steve Morgan wants to turn the club into a PLC and has also voiced his support for a ground share with Everton, there's no way the board were going to seriously consider his offer.

eirebhoy

What I'm wondering is why the Liverpool board won' tell us the reason the bid was rejected.

Bannor

Originally posted by eirebhoy
What I'm wondering is why the Liverpool board won' tell us the reason the bid was rejected.

Morgan issues funds challenge to Liverpool (Liverpool Echo - March 24th 2004)

"A condition of Morgan's proposals would be for chairman David Moores to reduce his majority shareholding and Morgan himself to receive a seat on the board.

Moores would also be unable to buy any new shares in the club, and although he would remain the club's biggest shareholder he would no longer have overall control.

Morgan is the club's third largest shareholder with 5%, which would increase to 15% under his proposals."

For £50M he wanted :
- another 10% of the club through a new share issue
- reduce David Moore's share in the club to 40-45% (because he didn't want David Moores to be allowed buy any new shares)
- a seat on the board of the club
- David Moores to relinquish control of the club despite being the major shareholder

He wasn't asking for a whole lot was he? The offer wouldn't benefit Liverpool FC any more than a new share issue in which Moores could purchase 51% of the shares issued - the club would still have received the investment of £50M.

Morgan was trying to get a seat on the board on his terms and Moores quite rightly told him to f*ck off politely. Morgan is not an Abramovich in terms of potential investment in the club... he's willing to invest £50M of his £300M fortune in the club. If he was serious about benefiting the club why not offer £100M/150M/200M or to foot the entire bill for the new stadium project?

The more I read about him the less I like the idea of him having a seat on the board of the club.
- He doesn't like David Moores
- He doesn't like Gerard Houllier (some say he never did) and wants him sacked
- He didn't want Roy Evans replaced as manager
- He supports the idea of a ground share with Everton
- He wants the club to go down the PLC route
The first two points would undoubtedly lead to bad press if he got a seat on the board. Liverpool have always resolved matters behind closed doors, but Morgan's rant at the last AGM and his comments lately would suggest that that would no longer be the case. Every piece of dirt is likely to be flung in the tabloids and subsequently affect matters on the pitch. The second three points are just bad news and not worth commenting on.

The club are looking for investors but they are in no way desperate for money. I wouldn't expect any progress on the potential investment until the season is over - finishing the league in a lucrative Champions League spot would boost the value of the club to potential investors as would success in the UEFA Cup. The fact that the club has appointed financial advisors to evaluate any offers received suggests that they won't be grabing the first offer to come along.

Dub13

he does not supports the idea of a ground share he said he will talk to the city council,he is just trying to keep them on side