Last updated : 05 December 2006 By Ed
From the Grauniad

Dubai International Capital, the state-owned private equity firm which hopes to purchase Liverpool, has confirmed that it can provide the financial backing to allow the Premiership club to compete more effectively with the likes of Manchester United and Chelsea should it complete its £450m takeover at Anfield.

David Moores, Liverpool's chairman, has granted DIC permission to examine the club's accounts - the process of due diligence - before finalising an offer to buy a major stake. Moores has dropped his valuation of the club's equity to about £170m, with DIC likely to buy a large proportion of his 51.7% shareholding as well as Granada's 9.9% stake.

DIC recognises that it would also need to guarantee the club's £80m debts and fund the £200m construction of a stadium in Stanley Park. Yet both the club and the Dubai-based company's chief executive, Sameer al-Ansari, suggested that, along with the stadium development, funds would be provided for Rafael Benítez to strengthen his playing squad.

"Liverpool's investment requirements are well publicised," said Al-Ansari. "We hope we can agree a deal that will provide us with the opportunity to fund its needs both on and off the pitch." The company, the international investment arm of Dubai Holdings, in effect represents the country's Maktoum family, headed by Sheikh Mohammed bin Rashid al-Maktoum, the prime minister of the United Arab Emirates and ruler of Dubai.

"DIC believes in investing in the businesses it acquires," said the Liverpool chief executive, Rick Parry. "This is very important in terms of the proposed new stadium, which is key to plans for the regeneration of the local community. On the pitch, Liverpool remain focused on winning and, here again, this is all about doing a deal that gives us the long-term resources to do that."