2005 European Champions Liverpool have finalized a takeover by US sports tycoons George Gillett and Tom Hicks for 174 million pounds ($340 million).

Gillett and Hicks, through their Kop Football Ltd vehicle, said yesterday they would pay 5,000 pounds per Liverpool share and placed the deal's total value, including the club's debt, at 219 million pounds.

Billionaire Hicks is the owner of the Texas Rangers MLB team and the Dallas Stars NHL franchise, while Gillett owns the NHL's Montreal Canadians.

"The Hicks and the Gillett families are extremely excited about continuing Liverpool FC's legacy and tradition," the pair said in a statement.

"Liverpool is a fantastic club with a remarkable history and a passionate fan base. We fully acknowledge and appreciate the unique heritage and rich history of Liverpool and intend to respect this heritage in the future."

Liverpool, the 2005 European Champions, have been in need of an injection of cash for two years as it competes for top honors and funds a new stadium.

The 18-times English League champions had entered in negotiations with Dubai International Capital (DIC), but DIC dropped its bid plans last week when Liverpool required more time to study a counter-offer from Gillett.

Gillett's initial offer for the club was rejected late last year amidst reports that his initial plan included sharing a ground with city rivals Everton, an unacceptable proposal to Liverpool's majority shareholder and chairman David Moores.

In response, Gillett and Hicks said such a plan had never existed, stating they intended to press ahead with a new 60,000-seat stadium for which the club has already received planning permission.

"This has been an important time for the club. We now have the right partners for the future," Liverpool chief executive Rick Parry said in statement on the club's website www.liverpoolfc.tv.

"I am absolutely certain we have now ended up in the right place, with owners who will help the club succeed and prosper."

(China Daily via Agencies February 7, 2007)