£73m bid not up to mark for Reds

LIVERPOOL have dismissed Steve Morgan’s proposal to invest £73 million in the club as “unattractive”.

The club last night revealed that the property magnet’s valuation of the Anfield outfit did not represent that of the board’s.

Rival bidder Thaksin Shinawara, the Prime Minister of Thailand, would now appear to hold the upper hand.

After a lengthy meeting of the Anfield directors, chaired by David Moores, to discuss the bids, they released a statement through www.liverpoolfc.tv.

It read: “Liverpool Football Club confirms that it has received two indicative proposals for investment in the club, the Thai Investment Proposal and the Bridgemere Proposal backed by Mr Steve Morgan.

“The board of Liverpool Football Club have today met with their financial advisors, Hawkpoint Partners, to consider these proposals. The board note that the Bridgemere Proposal, at £1.750 per share, implies a current value of £61 million for the entire club, which is a substantial discount to the value placed on the club by the board.

“The board have, therefore, concluded that the Bridgemere Proposal as currently constituted is not attractive.

“They intend to discuss their response to both these proposals with the respective parties.

“A further announcement will be made in due course.”

The news will come as a surprise to many supporters, who had backed Liverpool-born Morgan.

In a Liverpool Echo poll, 87% of voters chose Morgan ahead of his Thailand rival.

While the board meeting was taking place, manager Gerard Houllier was stating his case, knowing a Champions League place had been secured.

Houllier said: “I firmly believe that finishing fourth is a massive achievement considering the circumstances. We’ve had too many injuries really. Dietmar Hamann only started playing in November, Stephane Henchoz was not back until practically January, we then lost Steve Finnan for four months and Michael (Owen) for three months.

“Earlier in the season we had to make do without Jamie Carragher and Milan Baros for long spells, while Steven Gerrard, Harry Kewell and Chris Kirkland had spells where they’ve been out injured.

“We have made progress because last season we finished fifth. This season we wanted to get back into the Champions League and, by finishing fourth, we will have achieved that.”

Houllier has been in sole charge for five years and appears satisfied with their progress. “We’ve qualified for the Champions League three times, reached the quarter-final once, and won six trophies.

“During this time we have spent about £110million but we’ve recouped nearly £70million.

“I know the team is good and I know that we have quality coming up.”