Friday 21st May 2004 


Steve Morgan today pulled the plug on his attempts to invest in Liverpool after having a second offer rejected by the club.

Steve Morgan's withdrawal paves the way for the Thai PM to finalise his bid for Liverpool. (NealSimpson/Empics)

Morgan's original £73million offer was turned down after Liverpool directors claimed he had undervalued the current worth of the club, and a revised offer made earlier this week was also rejected.

The multi-millionaire builder and Liverpool fan today announced he 'is reluctantly withdrawing his offer to underwrite an injection of much-needed new capital' into Liverpool.

Morgan said: 'I am very disappointed with the outcome and feel that I have no option but to withdraw my offer. I am a proud supporter of Liverpool FC but feel that the uncertainty and constant speculation surrounding its future is undignified for the club and its fans.

'The proposal would have guaranteed a large capital injection to take Liverpool FC forward, it was only ever done with the best interests of the club at heart and would have given the ordinary fans an opportunity to participate in ownership of their club.

'I would like to thank the many thousands of fans who backed the bid and my family who have been totally supportive. I remain totally committed to Liverpool FC and would implore the board to bring all of the uncertainty surrounding both the club and the manager to a rapid conclusion.'

Morgan and his financial advisors Hawkpoint met Liverpool directors and chief executive Rick Parry earlier this week.

The board had dismissed his previous proposal as 'not attractive' and the new offer from Morgan's private company Bridgemere Investments Limited was in a different format and contained a 'substantial increase' in the price per share that would have applied.

Liverpool chairman David Moores and the rest of the board however remained unimpressed.

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