Chinese businessman bids for Liverpool Football Club

US-educated Chinese billionaire Kenneth Huang, chairman of Hong Kong-based QSL Sports, is making a bid to buy Liverpool Football Club, following into the footsteps of Russian oligarchs in trying to acquire the UK's premier division football clubs.

Huang, a charismatic, New York University MBA in financial management, has submitted his bid to the Liverpool Football Club bankers, which if successful, will  enable him to rub shoulders with Russian oligarch Roman Arkadyevich Abramovich,  who owns English football club Chelsea, which he bought in 2003 in a £140 million deal.

Huang said that his bid, which has the backing of China's sovereign wealth funds, will pay off Liverpool's debt of £237 million to Royal Bank of Scotland, which may put pressure on the club management to approve his bid unless other bidders have also offered the same.

But according to UK media, Huang has not named the sovereign wealth funds and it is not clear whether they will put up the money for the football club if his bid is approved.

Huang, who had bought a 15-per cent stake in the US NBA team Cleveland Cavaliers last year, has even promised to build a new 60,000-seat stadium for the club and intends to talk to Spanish right wing footballer Fernando Torres to remain with Liverpool.

Torres had earlier said that he may shift out of Liverpool if his interests are compromised by being in the club.

Liverpool's current owners, American's George Gillett and Tom Hicks, who have put the club for sale since April 2010, have estimated the value of the club to be over £600 million including debt.