Morgan outlines plans for Liverpool

Millionaire building magnate Steve Morgan has outlined his plans to turn Liverpool back into a major footballing force.

With Thailand Prime Minister Thaksin Shinawatra attempting to buy a 30% share in the club for £60m (€88m), Jersey-based Morgan has slapped in a second bid of his own which he claims will bring the club £73m (€108m) of capital.

And at an early morning press conference in a Warrington hotel Morgan said he wanted to return Liverpool to the pinnacle of football.

“I have only one goal in all of this and that is to help Liverpool become the number one team in both England and Europe.

“Yesterday I wrote to the club’s directors with details of my proposal which remains open for seven days.

“That includes a rights issue open to all shareholders which will generate £61m (€90m) of new money plus another share issue directed at supporters of the club which could generate a further £12m (€17m).

“The offer is a counter bid to talks currently taking place with the Prime Minister of Thailand.

“I believe the future of Liverpool Football Club is best served by those who love the club the most, it’s supporters – and I am very proud to be one of them.

“This bid will keep ownership of the club where is rightly belongs.”

Morgan added in his press conference, televised by Sky Sports News: “The season has been a frustrating and disappointing one for the club, fans and shareholders alike.

“This bid will provide a new and exciting future with people who care first and foremost for the club.”

Morgan added: "The funds would be used to substantially strengthen the squad and partially fund the proposed new stadium.

“In advance of the rights issue there would be a 10 for one share split with a revised number of shares. This is designed to enable all shareholders to participate in some way in the issue.

“It will also increase the liquidity of the club which in the long run will assist those wishing to be shareholders.

“It would generate just under £61m (€90m) of new money with the issue being open to all shareholders.

“A further 10percent of new shares would be issued again at £175 (€259) a share with the intention being they are sold directly to supporters of the club. That would raise a further £12m (€17m), making a total of £73m (€108m).”

However Morgan’s offer carries a condition that he gets a seat on the board.

He said: “My appointment to the club board is a condition with my company getting further proportional representation on the board.

“Assuming the chairman participates and remains the largest single shareholder it is not a condition of the offer for me to take the chairmanship of the club,” he added.

“It would put the club on a strong financial footing. The commercial rights would remain exactly where they belong – in the ownership of Liverpool. It would enable Liverpool alone to benefit from these rights.

“The club potentially gets new directors who are highly motivated to make Liverpool once again the number one club in Europe.

“I was born and raised in Liverpool and to this end I only have the best interest of the club at heart.”