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American businessman George Gillett has completed his proposed buy-out of Liverpool football club for a total of £450 million.

Gillett, the owner of Canadian ice hockey team Montreal Canadiens, has been joined by fellow NHL team owner Tom Hicks, who owns Dallas Stars and baseball team Texas Rangers, in a joint deal for the Merseyside club.

The purchase of the shares in the football club totals £174.1 million and the new owners will also take on the Anfield side's business debts of £44.8 million.

The two new owners have also pledged to put up a large portion of the funding for the club's proposed new 60,000 all-seater stadium at Stanley Park, believed to be around £220 million. The project is also now assured to be the sole development of Liverpool football club and will not involve any ground-share agreement with cross-town rivals Everton.

Gillett's partnership with Hicks gazumped the other tabled offer for Liverpool FC, which was put forward by Middle Eastern investment group Dubai International Capital (DIC).

This consortium, headed by the ruler of Dubai, Sheikh Mohammed Maktoum, pulled out of negotiations with the Liverpool board last week when the club's majority shareholder David Moores delayed an acceptance of either offer.

Commenting on the deal in an announcement to the stock exchange, Moores said it "is a great step forward for Liverpool, its shareholders and its fans".

"After much careful consideration, I have agreed to sell my shares to assist in securing the investment needed for the new stadium and for the playing squad," Moores remarked.

"Liverpool is a fantastic club with a remarkable history and a passionate fanbase," Gillett and Hicks said in a joint statement.

"We fully acknowledge and appreciate the unique heritage and rich history of Liverpool and intend to respect this heritage in the future. The Hicks family and the Gillett family are extremely excited about continuing the club's legacy and tradition."

The announcement also confirmed that Moores has been offered the position of honorary life president at the club by the new owners.