London: Hong Kong businessman Kenny Huang announced that his company QSL Sports will not be buying Liverpool.
With the club's owners Tom Hicks and George Gillett desperate to sell, Huang had declared his interest a fortnight ago but refused to comment on suggestions he was backed by the Chinese government.
"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 in a statement on Friday.
"We concluded that a plan that properly capitalises the business and provides funds for a new stadium and player-related costs would allow Liverpool 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. 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 reportedly grew impatient with the time Liverpool's board was taking over performing due diligence on a number of bids.
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