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Business News/ Industry / Banking/  Ambani and Roy in race for Liverpool

Ambani and Roy in race for Liverpool

Ambani and Roy in race for Liverpool


New Delhi: Mukesh Ambani and Subrata Roy are said to have tabled their bids for the English Premier League club, Liverpool. But the Indian business tycoons face competition from the Chinese Government.

Businessman Kenny Huang, backed by the £209bn Chinese Investment Corporation (CIC), is also in the fray as American owners Tom Hicks and George Gillett put the club on sale.

According to British media reports, as many as six potential parties are looking to buy the 18-times English champions.

A source close to Huang said on Monday that talks to buy Liverpool’s £237 million ($374.7 million) debt with major creditor Royal Bank of Scotland were underway..

However, RBS denied any talks on a sale and said all approaches would be forwarded to Barclays Capital, which has been instructed to find a buyer for the club.

The Times newspaper said on Thursday that China’s sovereign wealth fund, China Investment Corporation (CIC), would back a Huang bid.

However, the Financial Times has since reported CIC as saying it had never heard of a plan to buy Liverpool or of Huang. Huang would not comment on Thursday.

While speculation is on for who will sponsor the Chinese bid, according to reports in the Guardian, Ambani and Roy have reached a decision to pay the club’s £237m debt and in bargain hold a 51% stake.

Mukesh Ambani, the richest Indian and managing director of the Reliance Industries owns the IPL cricket team, Mumbai Indians. And Subrata Roy, chairman of the Sahara Group is a longtime supporter of Indian sports. His group sponsors the Indian cricket and hockey teams.

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Updated: 06 Aug 2010, 12:35 AM IST
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