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.