New Liverpool Offer - 10/10/2004

Property tycoon Steve Morgan has indicated that he is prepared to invest £100m in Liverpool Football Club, a substantial advance on the £70m he offered three months ago. He would underwrite a rights issue at the club and make a tender off to buy stock from existing shareholders. He would then end up with between 30% and 50% of the club, but would not take it over completely, an arrangement that would require special dispensation from the Takeover Panel. Morgan would like to become chairman at Anfield but will not insist on it as stepping down would be a difficult decision for current chairman David Moores. The club does need additional funds if it is to compete effectively at the highest level of English football. Its squad is now the smallest of any top club in the Premiership. The fans would probably prefer the involvement of someone with local roots like Morgan to a Thai or Hollywood-based takeover. Morgan apparently plans to end his tax exile in Jersey and move to Cheshire.