Article: Liverpool buyer Gillett went bankrupt in the US

Gillett, 68, said at the time that he had "caused the problem" that led to the downfall of his Gillett Holdings firm, because of an " error in judgement and timing" about a major investment, in that case in a Florida television station.

But sources close to Gillett, who is now in pole position to take over at Anfield, perhaps within days following Wednesday's shock withdrawal of Dubai International Capital's firm pledge of pound(s)450m investment, insist the entrepreneur is the right man to take Liverpool forward.

Reports in America yesterday suggested Gillett may buy Liverpool with Tom Hicks, the Dallas businessman who owns the Texas Rangers baseball franchise.

"Gillett is a serious ...

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