Peter Lim ups offer for Liverpool to £360m

Reds verdict: Liverpool fans outside the High Court today
Marco Giacomelli11 April 2012

Billionaire Peter Lim today made a £360million bid for Liverpool as the fight to buy the Premier League club reached the High Court.

The Singapore businessman's initial offer was overlooked by the board, which instead accepted a £300m bid from New England Sports Ventures.

However, with the NESV offer the subject of a legal challenge which began in London today, Lim has returned with a promise of £320m for the club and a further £40m to be spent on players. The rival American offer has made no pledge on transfers.

Lim made the bulk of his £1billion wealth from a palm oil business although he also owns a fashion business and, intriguingly, several Manchester United‑themed bars in Asia

He claims his offer is entirely in cash, paying off the £200m acquisition debt, the club's existing debt and outstanding bank fees and will provide much-needed funds for squad strengthening in January.

"I believe if Liverpool's massive debt burden can be removed, the club can focus on improving their performance on the pitch," said Lim. "If the board accepts this offer, the monies are available immediately thereby removing the threat of administration. I will inject £40m into the club for Roy Hodgson to sign players during the next transfer window. Liverpool need to start winning again."

The Lim offer further complicates the takeover battle, which is being debated at the High Court.

Royal Bank of Scotland, the club's major creditors, wants the court to establish who has the authority to sell the club after current owners Tom Hicks and George Gillett tried to block the deal with NESV.

RBS believes Hicks and Gillett are in breach of contract for going back on undertakings, given to the bank in April when the club was put on the market, not to stop a sale.

Last week Hicks tried to reconstitute the board minutes before a meeting to discuss the NESV bid only to be rejected by chairman Martin Broughton who, as a result of those undertakings six months ago, insists he is the only person who has the power to make changes.

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