Chinese businessman Kenny Huang on Friday ruled himself out of the running to buy English Premier League club Liverpool.
Huang said in a statement that he and his Hong Kong-based investment company QSL Sports were pulling out of takeover talks with the Anfield club without giving the reasons behind the decision.
“Over the past few months we learned first-hand that Liverpool has a very special place in the hearts of millions of fans around the world,” Huang said.
“We concluded that a plan that properly capitalises the business and provides funds for a new stadium and player-related costs would allow Liverpool FC to provide its great fans with the success they deserve.
“Our strategy and unique ability to expand the fanbase in Asia would also have been of benefit to all. We regret that we will not have the opportunity to implement this strategy.”
He added: “We thank the many Liverpool fans who expressed support for our efforts and wish the club great success in the years to come.
“I am now considering my future options and will be making no further comment at this time.”
Huang was the first party to openly declare an interest in buying the club from Americans Tom Hicks and George Gillett. He refused to comment when it was claimed his bid was backed by the Chinese government.
He was reportedly keen to secure an early agreement to give manager Roy Hodgson time to bring in reinforcements before the end of the transfer window and was ready to acquire the club’s 237-million-pound (285-million-euro) debt.