Peter Lim, a sports-loving Singaporean billionaire, today announced an increased offer of £360m sterling in cash for troubled English football club Liverpool.
'I respect and admire Liverpool Football Club, which is steeped in tradition and history,' Lim said. 'I am committed to rebuilding the club so that it can soon regain its position at the pinnacle of English and European football, where it truly belongs. This is why I have stepped forward with this offer,' he added.
His offer is 20% higher than a US rival's proposal of £300m that was accepted by the club's management over a similar offer by Lim during an auction that ended last week.
The decision to sell the club to New England Sports Ventures, owners of the Boston Red Sox baseball team, is now being contested by Liverpool's current American owners, Tom Hicks and George Gillett.
A hearing at the High Court in London, where the Royal Bank of Scotland is seeking to force through the sale of the club in the face of opposition from Hicks and Gillett, is set to decide the club's fate.
Lim's offer values the club at £320m. A further £40m will be made available to purchase new players. The new offer is entirely in cash and will remove the entire acquisition debt of £200m taken on by the existing owners that has cast uncertainty over the club's future, the statement said.
Lim is one of Singapore's wealthiest individuals with a personal fortune of $1.6 billion, according to US business magazine Forbes. The reclusive billionaire, who rarely gives media interviews, made most of his money from the stock market.
