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The Middle Eastern investment group Dubai International Capital (DIC) has withdrawn its interest in Liverpool football club.

DIC has released a statement confirming its withdrawal from negotiations with the Liverpool board after it was announced that the club had received a second rival offer from American investor George Gillett.

Liverpool directors said this morning that they would require more time to consider the offers to buy the club after an annual general meeting before the team's match against West Ham United last night.

In the statement, DIC said: "Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board.

"The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders.

"However, despite providing all assurances that were requested of DIC, it appears that the Liverpool board was unable to recommend our proposed offer to the shareholders."

In withdrawing the offer, Sameer Al Ansari, the executive chairman of DIC, commented: "We are very disappointed to be making this announcement.

"We were prepared to offer shareholders a significant premium on the market price of the shares. However, we will not overpay for assets.

"I am sure I will be back at Anfield with my family soon to support my team, as I have done so in the last 30-plus years.

"In the meantime, I wish the manager, the players and everyone connected with the club the best of fortune for the challenges ahead and will make sure that I am there the day they lift the Premiership trophy."

The rival offer from Gillett is believed to be slightly higher than the £156 million bid from DIC, although the breakdown in negotiations has cast doubts over any future deal.