China 'funding bid to buy Liverpool'

The Chinese government is funding a bid to buy Liverpool FC, it was reported tonight.

The Times said the communist state’s overseas investment arm China Investment Corporation (CIC) was financing the attempt by sports tycoon Kenny Huang to take over the Premier League club.

If successful in a bid that values the club at between £300m and £350m, China would be the majority owner, the newspaper said.

Liverpool FC currently owes its lender Royal Bank of Scotland around £237m.

Its American owners Tom Hicks and George Gillett were forced to put the club up for sale in April under pressure from the bank.

The bid by CIC will put the Chinese in competition with at least two other suitors, the Times reports.

Private equity firm Rhone Capital and the Kuwaiti al-Kharafi family have also expressed interest.

The winning bid would have to be approved by the Premier League, which is believed to have been in discussions with all three bidders.