CIC to fund Liverpool FC bid?
Despite China Investment Corporation’s (CIC) proclamation that it won’t be involved in the purchase of top-tier English Premier League’s Liverpool Football Club – and that it has never even heard of Kenny Huang, the Hong Kong sports businessman CIC is said to be backing – speculation remains that the sovereign wealth fund is eying the team, burdened with a $558 million debt overhang.
Six bidders are reportedly in a race to take over the club, one of the UK's most prominent, coming as dissatisfaction mounts with current American owners, Tom Hicks and George Gillet. Among the alleged contenders for the asset is Syrian Yahya Kirdi, who is said to be the preferred entrant by the Americans as they seek a £600 million ($953.3 million) sale price.
Rumour has it that the Chinese bidders, spearheaded by Huang, who also tried buying a 15% stake in basketball team the Cleveland Cavaliers last year, will merely offer to pay the debt off and nothing more, suggesting the other bids are hollow. And - fanning the rumor flame - in a series of trades since July 19, CIC has sold $558 million of its Morgan Stanley shares.
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