london (ap)

The high price Liverpool's owners are demanding for the club coupled with the global economic meltdown has ended a Dubai investment group's interest in buying out Tom Hicks and George Gillett Jr, The Associated Press has learned.

Dubai International Capital (DIC) was not willing or capable in the current economic climate of paying the 650 million pound (US$1.2 billion) wanted by the American sports tycoons, a financial executive familiar with the situation said yesterday on condition of anonymity because they are not authorised to speak to the media.

Credit crunch

The investment vehicle of the Dubai government has been hit by the credit crunch and believes the asking price was excessive. Hicks rejected a 400 million pound (then US$800 million) offer from DIC in March for the English Premier League club burdened with debt since the 2007 take-over.

Interest does remain - if the price is more realistic - from Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum working with PCP Capital Partners, whose senior partner Amanda Staveley was instrumental in the purchase of Manchester City by another UAE investment group, the Abu Dhabi United Group. That deal was expected to be completed this week.

"DIC can confirm that it is not involved in any negotiations to buy LFC and can confirm that it is not planning a fresh bid for LFC or any other football club," the statement read. "Nor is DIC or any other Dubai-based party aware of any consortium or vehicle involved in a bid.

"DIC has not mandated PCP to act for DIC or to act for them in any matter whatsoever. DIC would like to wish LFC and its fans a successful future."

Hicks and Gillett steadfastly refused before Saturday's victory over Manchester United to cede to the renewed protests against their troubled 18-month Anfield reign.