London - Saudi Arabian sports investment company F6 confirmed on Monday that it will work with Liverpool to establish a number of football academies in the region.
The group's chairman Prince Faisal bin Fahad bin Abdulla Al Saud, meanwhile, reiterated his desire to buy a stake in the club.
The agreement reached with Liverpool co-owner George Gillett will set up two academies in Saudi Arabia and two in North Africa.
It will also extend the interests of the American's NASCAR franchise Richard Petty Motorsports.
"The memorandum of understanding with George Gillett group will establish an exclusive partnership between F6 group, Liverpool FC and Richard Petty Motorsports team," said a statement released by the company.
"His Highness Prince Faisal stated that the partnership with George Gillett's group will be a good addition to F6.
"This partnership will provide a lot of investments in football, racing and sports media in Saudi Arabia and the Middle East."
Proince Faisal attended Liverpool's 6-1 victory over Hull City on Saturday and reached agreement after that.
"We have signed several contracts with Liverpool after visiting the club and attending the match with Hull City in the Premier League," he told Al Riyadh daily newspaper.
"The contracts are basically sports investments, which also include establishing football academies that will definitely help the future of Saudi sports in the future.
"We will make two academies in Saudi Arabia and two in North Africa."
He also claimed he is closing in on a half share of Liverpool.
"At the moment we are looking forward to acquiring 50 per cent of the club's stake," said the Prince, who is also an honorary member of Saudi football giants Al Hilal.
"The deal will be concluded soon and its value will be between 200 million pounds (317 million dollars) and 350m pounds.
"If we finalise the deal, it will be something marvellous because Liverpool is one of the best and most famous clubs in England and the whole world."(dpa)
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