According to the Daily Telegraph, Huang was concerned by Liverpool chairman Martin Broughton’s insistence that the board should reserve the right to accept an 11th-hour bid from another candidate even if the terms of sale had been agreed.
A statement on behalf of Huang announced on Friday night: "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."
Huang's bid to buy Liverpool from American owners Hicks and Gillett is thought to have valued the club at around £325 million. Prospective investors must prove they will pay off the current owners’ £237 million pound debt with Royal Bank of Scotland, fund a new stadium and pay for squad development.
Other candidates still in the mix to takeover Liverpool include Syrian businessman Yahya Kirdi, who represents a group of investors from the Middle East and Canada, New York-based private equity firm The Rhone Group and Kuwaiti investment group the Al Kharafi family.
