Companies

Chinese company bids for Aussie football club

(Xinhua)
Updated: 2010-08-05 15:41

CANBERRA - A Chinese overseas investment company has been funding a bid to buy Australia's Liverpool Football Club, Australia's media reported on Thursday.

Related readings:  CIC sold $90.5m of Morgan Stanley shares on July 30  CIC may invest up to $25b in Indonesia   CIC reaps gains from rosy overseas investments  Sovereign?wealth fund?gains 11.7% in 2009

According to Sky News, the China Investment Corporation (CIC) has been financing a takeover attempt by Chinese businessman Kenny Huang.

If successful in a bid that values Liverpool Football Club at between $477 million and $556 million, the Chinese company would be the majority owner, Sky News said.

American owners Tom Hicks and George Gillett put the club up for sale in April because of pressure to pay back debts of around $377 million to the Royal Bank of Scotland.

The bid by CIC, which already owns stakes in Canary Wharf, would face the competition from at least four other suitors.

Private equity firm Rhone Capital and the Kuwaiti al Kharafi family have expressed interest.

And Indian billionaires Mukesh Ambani and Subrata Roy have tabled their interest nine months after failing to buy a 51 percent share in the club, according to The Sun.

The winning bid would have to be approved by the Premier League, which is believed to have been in discussions with bidders.