Liverpool have turned down property magnate Steve Morgan’s bid to pump £50-million into the club by issuing shares to the public.
Morgan said on Tuesday the offer was turned down by Liverpool chairperson and owner David Moores and the board of directors of the Premier League club.
”Mr Morgan now awaits the outcome of the board’s strategic and financial review with interest,” his company said in a statement.
Morgan, who has amassed a £312-million fortune from building and hotel interests, is Liverpool’s third-largest shareholder with a 5% stake.
Morgan wants to use £50-million of his own money to bolster the team and help finance a new £80-million stadium in nearby Stanley Park.
Morgan dismissed speculation he wants to stage a takeover of the Anfield club.
”He has, however, made a formal conditional proposal to underwrite a rights issue, which would result in a very significant injection of new capital into the club,” the statement said. ”The purpose of the proposed rights issue would be to strengthen the playing squad and to assist in the financing of the planned new stadium.” — Sapa-AP