Football: Will China own Liverpool?
5 August 2010
“China set to buy Liverpool,” headlines The Times, revealing that a mystery bid for the legendary football club is none other the government-backed China Investment Corporation (CIC). In a three way takeover battle which includes a wealthy Kuwaiti family and an American private equity group, the Chinese bid, fronted by sports tycoon Kenny Huang, appears to be in pole position to wrest control of the debt laden football club valued at approximately €360 million. “The acquisition would be just a tiny piece of China’s vast global investment plan,” the London daily notes. With a stockpile of nearly €1.5 trillion of foreign currency reserves, CIC, which already owns a stake in London’s business district Canary Wharf, has some €251 billion to play with.