New overseas buyer in frame for Reds

The former Football League chairman, who has had a hand in the
sales of Aston Villa, West Ham and Manchester City in the past,
said due diligence has already been done. Harris also said the
party he was representing was not one mentioned publicly before.
“The overseas buyer we represent has completed due diligence. A
huge amount of work has been done,” he said. “It is none of the
groups mentioned in the press. The ball is now in our client’s
court to make an offer. “I do not think the deal will be done
before the transfer window closes this month but the next pressure
point is October when some of the RBS loan of £237million has
to be repaid. “It may happen then. But in the present climate these
things are impossible to predict.” Last week Hong Kong-based
businessman Kenny Huang – whose interest was allied to the Chinese
government – pulled out of the bidding process, while
Syrian-Canadian Yahya Kirdi’s much-publicised interest has been
treated with scepticism. Harris said history has taught him that
those who went public before an agreement had been reached rarely
succeeded. “The Chinese government involvement was always a bit
far-fetched,” he told the London Evening Standard. “In any takeover
situation, when people resort to announcing it to the media, you
have to question the seriousness of the offer. “If the name of the
prospective buyer comes out before the deal is done then probably
it is never going to be done. “Look at when Chelsea was sold in
2003. My firm was advising the club and we only knew of Roman
Abramovich on the Thursday before the deal was completed the
following Tuesday.” Harris worked on a bid for Liverpool two years
ago for Kuwaiti Nasser Al Khorafi, whom it is claimed agreed a deal
for £300million up front and another £100million based on
financial performance only to pull out at the last minute. “He just
lost his appetite. No explanation was forthcoming,” added Harris.