U.S. Sports Tycoons Agree to Take Over Liverpool

U.S. sports tycoons George Gillett and Tom Hicks have agreed to pay 174 million pounds ($340 million) to takeover the Liverpool Premier League football club. The decision was first reported by The Dallas Morning News on its Web site. Hicks did not immediately return either the AP's or Reuter's messages seeking comment.

Billionaire Hicks is the owner of the Texas Rangers major league baseball team and the Dallas Stars NHL franchise, while Gillett owns NHL's Montreal Canadiens.

Together, Kicks and Gillette make Liverpool the third Premier League team to be American owned. Malcolm Glazer owns the Tampa Bay Buccaneers and Manchester United, and Cleveland Browns owner Randy Lerner took over Aston Villa in September.

American billionaire sports magnate, New England Patriots and Revolution owner Robert Kraft has also expressed interest in buying the team but backed out shortly before the announcment was made.

Hicks would have a 50 percent stake in the group. Gillette's offer seemed imminent after a Dubai-based consortium pulled out of a proposed $882 million offer Wednesday. Dubai International Capital, owned by the ruler of Dubai, Sheik Mohammed bin Rashid al-Maktoum, called off negotiations after hearing that the board of directors was considering a bid from Gillett.

Liverpool has won a record 18 English league titles and is planning to build a 60,000-seat stadium. The club has been looking for a buyer to help fund construction of a new stadium and provide the financial power to compete with Chelsea and Manchester United in the transfer market.

(Dallas Morning News, Reuters, AP)