LONDON (Reuters) -- Chinese businessman Kenny Huang has withdrawn from the bidding process to take over Premier League club Liverpool, read a statement issued by his Hong Kong representatives on Friday.
Huang, chairman of the Hong Kong-based QSL Sports Group, had previously said he wanted to invest in the five-times European champions, put up for sale by American owners Tom Hicks and George Gillett in April, but had not launched a formal bid.
"After due consideration, Kenny Huang and QSL Sports is withdrawing from the ongoing sales process with respect to Liverpool FC. Mr. Huang has formally notified the Chairman of the Liverpool FC Board," said the statement.
"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 fan base in Asia would also have been of benefit to all. We regret that we will not have the opportunity to implement this strategy." The statement gave no reasons for Huang's decision to pull out of the race to sign the Merseyside club.
Liverpool's managing director Christian Purslow said earlier this week the 18-times English champions, who owe their major creditors Royal Bank of Scotland $368.5 million, were examining a number of takeover offers.