Tom Hicks, the Liverpool co-owner, has terminated talks with a Dubai consortium over acquiring a minority stake in the Premier League club.

His decision comes hours after Dubai International Capital, he private-equity investment arm of the Dubai Government, said its negotiations with co-owner George Gillett Jr. were moving along. Over the weekend, Hicks denounced DIC's conduct in trying to acquire 49 percent of the Reds from Gillett.

"Based on a meeting held earlier today in Dubai between my representatives and officials of Dubai International Capital LLC, as well as other recent contacts between us and them, I have decided to terminate any further discussions with DIC regarding their possible purchase of a minority stake in Kop and, in turn, in the Club.," Hicks said in a statement.

"DIC made it clear that if they invested in the Club, they would want it to be managed by committee. Based on my thirteen years of successful experience as an owner of professional sports teams, and based in particular on the situation at Liverpool Football Club over the past year, it is clear to me that such a committee approach would not be in the best interest of Kop, of the Club or of the Club's loyal and passionate supporters.

"Accordingly, I have decided to exercise my right under the Kop Football (Holdings) Limited partnership agreement to veto any sale of any portion of Kop and the Club to DIC.

"I and my colleagues and representatives will continue to explore a number of other options with regard to the ownership of Kop and the Club aimed at achieving an appropriate ownership, financial and organizational structure for Kop and the Club over the long term."

DIC had said earlier on Monday that talks to buy a stake in Liverpool Football Club were at an 'advanced' stage.

"Dubai International Capital confirms that it is in advanced discussions with the co-owners of LFC but that no agreement has been reached on price or shareholding percentage," DIC said in a statment.

DIC had agreed a deal with George Gillett Jr, Liverpool’s other co-chairman, to buy 98 per cent of his stake in the club – 49 per cent of the company – with Hicks buying the remainder, which would give him 51 per cent of the shareholding.

DIC had accepted that Hicks would not sell his share in Liverpool in the near future, but had insisted on a clause giving them first refusal to buy his stake.