SOCCER/News: The bulk of Liverpool's summer squad rebuilding may have to take place after Euro 2004 when it emerged that Thaksin Shinawatra's bid to invest around £64 million in the club might not be completed until late June.
While the Merseyside club opened talks with Alan Smith's agent yesterday over a potential transfer, Thailand's populist billionaire prime minister was claiming the Liverpool board had agreed "in principle" to his offer for a 30 per cent stake in the club.
Yet he went on to admit that he was only "60 per cent comfortable" that the troublesome issue of the club's marketing and branding rights in the Far East would be resolved satisfactorily.
"By the end of June we will own a stake in a Premier League club," he added, potentially leaving manager Gerard Houllier's transfer spending plans in limbo.
While Liverpool earned over £9 million by finishing fourth in the Premiership, they have yet to qualify for the Champions League - that can only be achieved in August - and would therefore be reluctant to risk spending transfer monies they do not, as yet, have.
The Auxerre striker Djibril Cisse will become a Liverpool player on July 1st.
Yet further signings - Joey Barton and Shaun Wright-Phillips from Manchester City and Nottingham Forest's Michael Dawson have been targeted - may have to wait until the precise nature of the commercial rights Thailand will receive in return for Thaksin's investment becomes clear.
The Thais are hoping to gain the rights for the whole of east Asia, but the Liverpool board are uncomfortable with that arrangement.
The Thai cabinet yesterday backed the prime minister's plan to raise the money through a one-off lottery - aiming to generate around £140 million in total, of which half will be allocated to prize money and administration costs - run by a specially-created investment company, in which the Thai public would be able to buy between 40 per cent and 49 per cent of the stake.
It also appointed Santiparb Tejavanija, the head of the Sports Association of Thailand, to finalise the negotiations and raise the money, though his scheduled visit to Liverpool was cancelled last night.
"I had hoped to fly to Liverpool to sign this within days, but my trip has been postponed because several issues have to be resolved first," admitted Santiparb.
Those branding issues could yet jeopardise a scheme which has been generally welcomed in Thailand, though doubts have already surfaced among Liverpool's supporters with the minister for sport Richard Caborn just as uneasy.
"Football clubs are part of the community, so I think it's incumbent upon football clubs to make sure that they do have those very strong roots into their community," he said.
"That's where (the club) comes from; that's where the fans are.
"I think that's what ought to be considered when any takeover bids or indeed investment into these clubs is being made."
Liverpool last week rejected a rival £73 million bid from building tycoon and lifelong fan Steve Morgan. David Moores, whose family has had control of Liverpool for half a century, owns 51 per cent of the club and television company Granada have a 9.9 per cent share.
Meanwhile, Liverpool will play Champions League finalists Porto in a pre-season friendly on their tour of North America this summer.
Houllier's side will face the Portuguese champions in Toronto, Canada, on July 30th as part of the Champions World Series, four days after playing Celtic in East Conneticut.
Roma provide the final opposition for the Reds on August 3rd in New York.
Chelsea and Manchester United are the other British teams taking part in the Champions World Series, with AC Milan, Bayern Munich and Galatasaray making up continental Europe's contingent.
