Liverpool co-owner Tom Hicks has terminated discussions with Dubai International Capital over the possible purchase of a minority stake in the club.

DIC had earlier released a statement in which they said that talks had reached an "advanced stage", with a price and shareholding details still to be agreed.

But Hicks (pictured) has pulled out of the deal, apparently due to concerns over how DIC's involvement would affect the management system at the club.

A statement from Hicks on the Liverpool website said: "I have decided to exercise my right to veto any sale of any portion of Kop Football (Holdings) Limited and the club to DIC.

"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.

"We will explore other options as regard to the ownership of the club."

It was revealed earlier this week that DIC - the investment arm of the Dubai government - were prepared to accept a 49 percent shareholding in the club, paving the way for a deal allowing joint-owner George Gillett to secure an exit and Hicks to increase his stake to 51 percent.

American investors Hicks and Gillett bought Liverpool for £219-million in January 2007, but have fallen out with each other this season.

Tom Williams / Eurosport / Reuters