A Saudi prince has begun negotiations to buy out the 50 per cent share of Liverpool held by co-owner George Gillett Jr.

Prince Faisal bin Fahd bin Abdullah al-Saud is carrying out due diligence, going through Liverpool’s accounts, with a view to buying all or part of Gillett’s share through his sports investment firm F6.

He has been given a period of exclusivity of several months in terms of negotiating with Gillett, F6 director Barry Didato told AP.

“The prince is looking to buy anywhere from 0 to 100 per cent (of Liverpool), but he doesn’t need to have a controlling interest,” said Didato, director of strategic investment at F6.

“At the moment he is only working with George Gillett and I’d certainly think it would have happened by the end of the end of this year.”

Gillett would not be able to act independently of co-owner Tom Hicks and sell his 50 per cent stake without the permission of the Texan. However, Hicks would be willing to allow 25 per cent of the club to be sold, an executive familiar with the situation told AP.

Prince Faisal, along with Didato, was at Anfield on Saturday to see Liverpool thrash Hull 6-1 when the deal with Gillett was signed. That agreement will also see the prince and Gillett explore building football academies and rolling out NASCAR motorsport in the Middle East.

More In: Football | Sport