China reportedly behind bid for Liverpool

The communist state's overseas investment arm China Investment Corporation (CIC) is financing a takeover attempt by Chinese businessman Kenny Huang, The Times said.

If successful in a bid that values Liverpool FC at between £300m and £350m, China would be the majority owner, the newspaper said.

However, the sports tycoon has denied a formal offer has been made although he admitted he has expressed his interest.

American owners Tom Hicks and George Gillett put the club up for sale in April because of pressure to pay back debts of around £237m to the Royal Bank of Scotland.

A bid by CIC, which already has stakes in Canary Wharf, would reportedly the Chinese in competition with at least four other suitors.

Private equity firm Rhone Capital and the Kuwaiti al Kharafi family have expressed interest.

And Indian billionaires Mukesh Ambani and Subrata Roy have tabled their interest nine months after failing to buy a 51% share in the club, according to The Sun.

The winning bid would have to be approved by the Premier League, which is believed to have been in discussions with bidders.

The CIC was founded in 2007 to invest billions of dollars for the benefit of the state. It has almost £209bn to play with.

Unlike Manchester City and Chelsea football clubs, which have seen owners pour in money without seeking a profit, China would want to see a return on its investment.