According to reports, Liverpool co-owners George Gillett and Tom Hicks have turned down Dubai International Captial’s (DIC) £400m bid for the club.
It is understood DIC, the investment arm of the Dubai Government, submitted the offer to the American duo on Tuesday morning.
However, reports now suggest that Gillett and Hicks – who took over at Anfield in February 2007 – have decided to retain their control of the Premier League club.
The battle for ownership at Liverpool has been the subject of widespread speculation over recent months with Hicks and Gillett unsettled by protests organised by fans opposed to their running of the club.
Hicks is rumoured to be looking to buy-out partner Gillett and he has previously denied he is looking to sell, despite admitting to holding discussions with DIC.
Earlier, a spokesman for Dubai International Capital had denied that a “time limit” has been put on their offer for Liverpool.
The spokesman, Jehad Saleh, insisted reports that DIC had given Gillett and Hicks a deadline of midnight tonight to accept an offer were not correct.
Hicks and Gillett bought Liverpool for £218.9m in March 2007. This included an agreement to pay off about £45m of debt and a pledge to finance a new stadium.
Gillett and Hicks refinanced their Liverpool deal with a £350m package from two banks on January 25. But the deal still left the 18-time English champions with debt of £105m.
