Liverpool co-owners Tom Hicks and George Gillett have rejected Dubai International Capital's £400million bid for the Premier League club.
The offer, which would represent a £25million profit for each of the American tycoons, was immediately turned down, an associate involved with the negotiations revealed. He spoke on condition of anonymity because of the sensitivity of the situation.
Manchester United have been contacted by the agents of Racing Santander defender Ezequiel Garay, with the Spanish club interested in taking Gerard Pique in the opposite direction.
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