Liverpool are on the verge of becoming the sixth Premiership club in foreign hands after a firm representing Dubai's ruling family confirmed they are in exclusive talks about a takeover.
Dubai International Capital (DIC) have been given permission to conduct due diligence - examining the club's accounts - and they are expected to submit a formal offer soon after Christmas.
The offer is expected to be for a total of £450million - £170million for a controlling stake in the club, £80million to cover existing debts and £200million to go towards a new stadium in Stanley Park.
DIC chief executive Sameer al-Ansari said in a statement: 'Liverpool's investment requirements are well publicised. We hope we can agree a deal that will provide us with the opportunity to fund its needs both on and off the pitch.'
DIC are one of half a dozen private equity firms buying up investments around the world on behalf of Dubai Holdings, which is owned by the fabulously-wealthy Sheikh Mohammed bin Rashid al-Maktoum, ruler of Dubai and Prime Minister of the United Arab Emirates.
DIC have recently bought Madame Tussauds and the Travelodge hotel chain.
The new stadium and injection of cash would see Liverpool be able to compete with Manchester United, Chelsea and Arsenal, who this season moved to the new 60,000-capacity Emirates stadium - Anfield's capacity is only 44,000.
It is thought that if the takeover does go through, current chairman David Moores will keep some sort of executive role and Rick Parry will remain as chief executive.
Both men stayed behind in Liverpool while the team flew to Istanbul for tomorrow's Champions League clash with Galatasaray.
Moores has conceded the only way to achieve the club's aim is to sell. He owns 51% of Liverpool and has always wanted to retain control and encourage investors to buy into the current set-up.
Manchester United, Chelsea, Portsmouth, Aston Villa, and most recently West Ham have been taken over by foreign owners.
Liverpool chief executive Rick Parry said in a statement: 'This is the latest step on the road of finding the long-term investment that the club needs.
'DIC is a potential investor with the resources and philosophy that we believe could make them an ideal partner.
'Already they have demonstrated a full understanding of, and respect for, the club's heritage and values.
'We also believe they share our passion for success. In particular, DIC believes in investing in the businesses it acquires. This is very important in terms of the proposed new stadium, which is key to plans for the regeneration of the local community.
'On the pitch, Liverpool remains focused on winning and, here again, this is all about doing a deal that gives us the long-term resources to do that.'
