Gillett ponders DIC offer

Liverpool co-owner George Gillett is still considering an offer from Dubai International Capital to buy his 50% stake in the club.

That was the end product of late-night talks in London on Tuesday between Gillett's lawyers and DIC negotiators, led by Amanda Staveley, the former girlfriend of Prince Andrew who has emerged as a key mover in the takeover saga.

Staveley, 34, has been reporting directly to DIC chief executive Sameer Al Ansari and Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum.

And DIC's stance on the current impasse is to allow Gillett and fellow owner Tom Hicks time to assess the situation.

Reports on Wednesday morning suggested Gillett had rejected an offer for his own shares on Tuesday night, as it under-valued them.

However, although DIC have made it clear their offer was final, it has been left on the table and has not been dismissed by Gillett.

It is believed that the American co-owners - neither of whom can currently sell without the other's say-so - will try to discover if they can get a better offer for their holding, but DIC believe they will not discover any other takers which would probably bring the pair back to the negotiating table.

Discussions between advisors are ongoing, which means that by the end of the week there will be further talks to end the current impasse.

DIC believe the key to the talks could be when Gillett and Hicks try to raise a further £300million to build the club's new Stanley Park stadium. The trouble they had with a £350million re-financing package in January means there are doubts over whether they could find a bank willing to give them more cash.

Hicks is still working on finances of his own to raise enough money to buy-out Gillett's stake. But even if he manages that, DIC believe he will still find it increasingly tough to finance Liverpool's new stadium and the transfer requirements of manager Rafael Benitez.