Liverpool co-owners Tom Hicks and George Gillett Jr. have rejected Dubai International Capital’s bid for the Premier League club, The Associated Press has learned.

The $800 million offer was immediately turned down, a person involved with the negotiations told the AP. He spoke on condition of anonymity because of the sensitivity of the situation.

DIC on Tuesday gave the Americans 24 hours to accept its offer.

Hicks is committed to retaining his 50 percent share in Liverpool while Gillett is reportedly willing to sell. Hicks has said he can block Gillett from selling his stake.

The duo bought the club last year for $431 million _ beating a rival bid from the Dubai consortium.

Hicks owns the Texas Rangers and the Dallas Stars.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

LIVERPOOL, England (AP) _ Dubai International Capital made an $800 million bid for Liverpool on Tuesday _ and gave the club’s embattled American owners a 24-hour deadline.

An executive working on the bid told The Associated Press that DIC _ the private-equity investment arm of the Dubai government _ wants an answer within 24 hours from Tom Hicks and George Gillett Jr. He spoke on condition of anonymity because of the sensitivity of the negotiations.

The bid was made a day after DIC chief executive Sameer al-Ansari said Hicks and Gillett had “come out of dreamland” over their valuations of the Premier League club.

Hicks has repeatedly vowed to retain his 50 percent stake in Liverpool, and a person familiar with the Texan’s plans last week told the AP that he is looking into to buying out all or part of Gillett’s equal stake.

But Gillett, whose relationship with Hicks has reportedly broken down, has been in close contact with DIC in recent weeks after deciding to end his troubled spell at Anfield.

Hicks and Gillett bought Liverpool for $431 million in March 2007. This included an agreement to pay off about $89 million of debt and a pledge to build and finance a new stadium.

Gillett and Hicks refinanced their Liverpool deal with a $682 million package from two banks on Jan. 25.

But the package left the 18-time English champion with debt of $205 million. Liverpool’s debts would be wiped out if the Dubai bid was successful, the executive said.