The takeover of Liverpool was thrown into confusion tonight when the club's board met in a London Docklands hotel - ahead of the game at West Ham - and did not formally accept the bid from Dubai International Capital.
The board, under chairman and owner David Moores, met to consider the second bid from George Gillett - the owner of Montreal Canadians ice hockey team - and it is believed decided they needed more time to make a decision.
That, though, is expected to be by the end of the week with the board accepting that they cannot delay a decision any longer, with the need to start work on the club's new stadium in Stanley Park in March.
The Liverpool board's lack of a decisive move has surprised DIC, who have completed due diligence and want to make their formal bid, via the Stock Exchange, for Moores' 51.6% majority shareholding early next week.
They believed Moores was in favour of a bid which would have given the club's chairman £80million at £4,500 a share.
Gillett's original offer had been rejected before Christmas, but last week he submitted a new offer by letter to Moores which in effect upped the bid to give Moores £88million for his holding.
It is believed there are other board members - including representatives from Granada, who own 10% of the club - who also want to think again about Gillett's terms.
A DIC source said: 'We have worked very hard over a long period with Liverpool to come up with the best possible offer for shareholders and for the long term of the club.
'Our deal is not just about buying some shares, it is about financing the stadium, getting the stadium built and making money available for players.
'We hope to make our formal offer very soon, and think it is an offer for everyone, not least one the supporters will be happy with.'
Whether Moores has had a change of heart is uncertain, but DIC believed he supported their bid because it took into account the plans drawn up for the regeneration of the Anfield area and the fact the stadium would not be shared with Everton.
But Gillett is believed to favour reopening that debate, and if that happens it would effect carefully constructed planning applications.
DIC were expected to have leading officials at Anfield on Saturday for the Mersey derby with Everton, where the deal would have been confirmed.
An announcement to the Stock Exchange next week would have paved the way to a complete buy-out.
Only last week Liverpool sources talked of concluding a deal with DIC 'within weeks' and that Gillett's own legally allowed due diligence 'didn't really matter,' and the club 'would continue to work with DIC.'
Moores, it was believed, had reached agreement with DIC - the investment arm of the Dubai government - on a deal which would see them purchase shares for around £155million, assume £80million of debt and fund a new 60,000-seater stadium.
In the end, with Moores holding the majority holding, it is only his decision which will decide the future of the club - and Liverpool fans will now await that decision with interest.
