Reds reject Morgan's investment
By Peter ORourke. Last Updated: January 1, 1970 1:00am
Liverpool have rejected an offer from property developer Steve Morgan to make a substantial investment in the club.
Rumours have been circulating that Morgan, who has a five percent shareholding in the club, was lining up a deal to buy out current chairman David Moores, but he has dismissed the suggestions.
Morgan is keen to get on the Liverpool board and had proposed injecting cash into the club via a rights issue but the club's board had turned this proposal down.
"He has made a formal conditional proposal to underwrite a rights issue, which would result in a very significant injection of new capital into the club," said a statement issued on behalf of Morgan.
"The purpose of the proposed rights issue would be to strengthen the playing squad and to assist in the financing of the planned new stadium.
"The proposal has been turned down by the Liverpool board. Mr Morgan now awaits the outcome of the board's strategic and financing review with interest."
Liverpool have also found themselves subject of interest of a consortium led by Thai prime minister Thaksin Shinawatra, but Moores is thought to be keen to maintain control at Anfield.
Meanwhile, Liverpool midfielder John Welsh has been linked with a possible move to Sunderland.
Sunderland are keen to bolster their squad before the close of the transfer window and are thought to be exploring the option of signing Welsh on loan.
Welsh is highly rated at Anfield and Reds boss Gerard Houllier is willing to loan him out so that he can gain valuable first team experience.