29 Sep 2009

Saudi prince to buy stake in Liverpool football club

1:47 pm on 29 September 2009

A Saudi Arabian prince is looking to buy up to half of the British Premier League football club Liverpool.

Prince Faisal bin Fahd bin Abdullah al-Saud told the Al-Riyadh newspaper "we are looking forward to acquiring 50% of the club's stake".

The BBC reports he is ready to pay £200 - £350 million for the stake through a sports investment company, F6. US owners Tom Hicks and George Gillett previously paid £174 million for the whole club.

A deal to open football schools in the Middle East has also been signed.

The deal would also extend the interests of the US Nascar motorsport series in the Middle East.

Mr Hicks and Mr Gillett have been looking to reduce Liverpool's debt of £245m debt.

Some £60 million was repaid in July when the loan used taken out to buy the club in February 2007 ran out and was renegotiated with banks RBS and Wachovia.

Al-Riyadh quoted the prince as saying the deal will be concluded soon.

The BBC reports the club has been seeking to attract new investors since March 2009 in return for a stake in the Anfield club.

Liverpool recently signed a sponsorship deal with Standard Chartered bank. The deal begins next July and runs to the end of the 2013/14 season.