Sources have confirmed this morning that the Chinese businessman Kenneth Huang has offered to buy Liverpool's £237m debt from the Royal Bank of Scotland in an attempt to end Tom Hicks and George Gillett Jr's control of the Premier League club.
Huang has made no announcement but has appointed a British media relations firm to represent him "in respect of his interest in Liverpool Football Club". He was first linked to a takeover of the 18-time English champions two years ago, when he was put off by the £650m valuation. He is understood to value the club currently at around £350m.
Huang, chairman of the Hong Kong-based QSL Sports Group, has the backing of a wealthy investment fund behind him. "A deal has to be done before the transfer window closes," a source close to Huang told the BBC. "Huang has made a firm proposal. The club's board has to sanction the sale and it could be sewn up in days."
But Gillett is said to have told RBS that he is in negotiations with the Syrian businessman and former international football Yahya Kirdi. According to the terms of the bank's loan to Liverpool, they are obliged to listen to any bids that come through the American co-owners. Sources suggest the offer is unlikely to come to anything, and is being used in an attempt to prise more money from Huang.
Huang's current offer for the club would see Hicks and Gillett fail to make any profit from the club, which they bought for £218.9m in February 2007. They expect to get £600m for the club now.
The Liverpool manager, Roy Hodgson, said last month he wants the uncertainty over the club's future resolved as soon as possible, giving him time to bring in new players before the transfer window closes on 31 August. Should no bid be successful this summer, there is a possibility that RBS could call in a percentage of their loan in October, potentially pushing the club into administration.