Steve Morgan, the former chairman of housebuilder Redrow, has had a bid to inject 拢50m into Liverpool football club rejected.
A statement released on behalf of Morgan this week said: "The proposal has been turned down by the Liverpool board. Mr Morgan now awaits the outcome of the board's strategic and financial review with interest."

Morgan is the club's third largest shareholder with 5% of the club, wanted to invest 拢50m to bolster the team and help with plans for constructing a 拢80m stadium in nearby Stanley Park. He has denied wanting to take over the club.

The other key shareholders are the television company Granada, which owns 9.9% and chairman David Moores, who has a 51% stake.

Morgan stood down as chairman of the North Wales housebuilder two years ago when he sold his 34.5% stake in Redrow. He has built up a fortune of 拢312m from his building and hotel interests. He has already developed business connections with Liverpool players.

Redrow built homes for Liverpool's star player Michael Owen and his extended family.

He established Redrow as a small civil engineering firm in 1974. It floated on the stock exchange 20 years later. The business now employs 1300 people.

Last year the company had a turnover of 拢300m and made a pre-tax profit of 拢56m.