UK property developer Steve Morgan said today that he had not launched a takeover for premier league Liverpool.
He said he had proposed injecting cash into the club via a rights issue but the club's board had turned this proposal down.
'He has made a formal conditional proposal to underwrite a rights issue, which would result in a very significant injection of new capital into the club,' a statement issued on behalf of the Liverpool-born Morgan 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,' the statement added.
'The proposal has been turned down by the Liverpool board. Mr Morgan now awaits the outcome of the board's strategic and financing review with interest,' it concluded.
Reports say Morgan is Liverpool's third largest shareholder with 5%. Chairman David Moores has 51%.
