Liverpool are close to agreeing a £400million takeover deal with the former owner of the Harlem Globetrotters.

I can reveal that American billionaire George Gillett is set to pip Sheik Mohammed's Dubai International Capital in the chase to own the Kop.

Gillett will become the sixth foreign investor to buy into the Premiership, following Eggert Magnusson at West Ham, Randy Lerner at Aston Villa and Malcolm Glazer at Manchester United.

A top City source confirmed: "It looks like a deal for Liverpool will be done soon and Gillett is now the hot favourite."

Liverpool chairman David Moores and chief executive Rick Parry met Gillett recently in Montreal to thrash out terms.