It is said that Huang has grown frustrated with the pace of talks and was concerned with Liverpool chairman Martin Broughton’s stipulation that the club should reserve the right to accept an 11th-hour bid from any other candidate even if a sale to Huang has been agreed.
According to one weekend report, Huang, and the investors’ consortium he represents are currently the only viable bidders.
In a statement, Huang says: “After due consideration, Kenny Huang and QSL Sports is [sic] withdrawing from the ongoing sales process with respect to Liverpool. Mr. Huang has formally notified the chairman of the Liverpool board.”
It had been reported that the China’s government’s Investment Corporation (CIC) was backing businessman Kenny Huang’s bid for the club, since denied.
Huang’s group are said to have valued the club at around £325m, £237m of which is money owed to Royal Bank of Scotland, built up by current owners Tom Hicks and George Gillett.
Hicks and Gillett have valued the club at £800m but many observers believe they are unlikely to get anything close to that amount.
Other potential bidders are said to include the Kuwaiti-based al-Kharafi family and Syrian businessman Yahya Kirdi, representing an investors’ consortium from the Middle East and Canada.