Dubai International Capital has revealed that it will not be making a bid to buy English Premier League club Liverpool, leaving American billionaire George Gillett a clear field to re-launch his bid to own the club.

One of the main reasons given for ending the interest by DIC was the repeated delay by the Premiership club's board to make a formal announcement of the offer. DIC had come close to concluding the deal, reportedly worth £450million which included the funding of a new 60,000 seater stadium for Liverpool.

However with Liverpool board saying that it will be considering all options following another bid made by Gillett, DIC decided to pull out from the deal.

Making an official statement about its decision, DIC said, "Dubai International Capital LLC announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club. Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board."

"The offer had been accepted in principle by majority shareholder, David Moores. It appears that the Liverpool board and the majority shareholder, David Moores, were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders."

DIC Chief executive Sameer Al Ansari said that while they were disappointed with the cancellation of the deal, the company will not be increasing its bid.

"We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal. As businessmen, we move on. As fans, we hope that the new owners would share the same vision as we had for LFC and, of course, in realising the new stadium that is so badly needed to ensure the club can continue to compete at the highest level in the Premiership and Europe."

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