Arsene Wenger will continue with his ‘Young Guns’ as Arsenal host Spurs in the Carling Cup. Click here for latest odds.

Dubai International Capital has pulled out of proposed takeover of Liverpool.

The announcement comes in the wake of the Liverpool board failing to formally endorse DIC’s bid in the wake of a rival offer from American George Gillett.

DIC chief executive Sameer Al Ansari said: “We won’t overpay for assets.”

“We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal.

“At the same time, we are supporters of the game and of the club. Liverpool’s investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch.

“We were also prepared to offer shareholders a significant premium on the market price of the shares.

“As businessmen, we move on. As fans, we hope that the new owners would share the same vision as we had for LFC and, of course, in realising the new stadium that is so badly needed to ensure the club can continue to compete at the highest level in the Premiership and Europe.”

“Liverpool is the most successful football club in English football history. It exists to win things for its supporters. It deserves to be in the hands of people who support it, who understand its history and legend and who share the enthusiasm and passion of its fans. As businessmen, we move on. As fans, we hope that the new owners would share the same vision as we had for LFC and, of course, in realising the new stadium that is so badly needed to ensure the club can continue to compete at the highest level in the Premiership and Europe.”

The deal would have valued the club at £450m but the Dubai group have decided to withdraw following the board’s decision consider the rival Gillett bid.

Arsene Wenger will continue with his ‘Young Guns’ as Arsenal host Spurs in the Carling Cup. Click here for latest odds.