LONDON, Aug. 20 (Xinhua) -- Chinese businessman Kenny Huang has pulled out of the race to buy English Premier League club Liverpool.
Huang said in a statement on Friday that he and his Hong Kong-based investment company QSL Sports were withdrawing from takeover talks with the Anfield club without giving the reasons behind the decision.
"Over the past few months we learned first-hand that Liverpool has a very special place in the hearts of millions of fans around the world," Huang said.
"We concluded that a plan that properly capitalizes the business and provides funds for a new stadium and player-related costs would allow Liverpool FC to provide its great fans with the success they deserve.
"Our strategy and unique ability to expand the fanbase in Asia would also have been of benefit to all. We regret that we will not have the opportunity to implement this strategy."
He added: "We thank the many Liverpool fans who expressed support for our efforts and wish the club great success in the years to come.
"I am now considering my future options and will be making no further comment at this time."
Huang was the first party to openly declare an interest in buying the club from Americans Tom Hicks and George Gillett.
Huang had pledged to clear Liverpool's debts and give manager Roy Hodgson funds to spend in the transfer market.
It was reported, however, that he wanted a deal completed within two weeks or he would pull out.
Huang's bid to buy Liverpool is thought to have valued the club at around 325 million pounds (505 million U.S. dollars).
Liverpool were put up for sale by Hicks and Gillett in April with debts of 351.4 million pounds.