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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/hands-may-get-second-chance-for-emi.jpg"><img class="alignnone size-full" title="EMI owner Guy Hands has been offered the chance to buy back the struggling music group, according to reports" src="http://londonglossy.com/wp-content/uploads/2011/01/min-hands-may-get-second-chance-for-emi.jpg" alt="EMI owner Guy Hands has been offered the chance to buy back the struggling music group, according to reports"/></a></p>
<p>EMI owner Guy Hands has been offered a deal to buy back the struggling music group in a second-chance deal to keep the business, it has been reported.</p>
<p>US bank Citigroup is said to be poised to take control of EMI as Mr Hands battles to repay money used to buy the record company four years ago.</p>
<p>But Citigroup is offering Mr Hands a deal that would see him buy back the firm for around £1.6 billion should the bank seize control, according to the Mail On Sunday newspaper.</p>
<p>The move marks the latest twist in a lengthy saga between Mr Hands and Citigroup over EMI, the company behind artists such as Lily Allen and Robbie Williams.</p>
<p>Mr Hands lost a bitter legal battle with Citigroup in November in which he accused the bank of tricking his private equity firm Terra Firma into paying too much for EMI.</p>
<p>Terra Firma had tried to sue Citigroup for up to £7 billion in damages over the £4.2 billion acquisition in 2007, which was mainly financed by Citigroup.</p>
<p>The takeover is seen as being one of the worst-timed deals of the credit bubble, coming just before the crisis struck. EMI, already struggling in a declining music market, has since been left with crippling debt repayments which have threatened to see it fall into the hands of lender Citigroup.</p>
<p>Citigroup is now understood to be approaching potential buyers should it take control, including Mr Hands and others such as Warner Music.</p>
<p>It is believed this could allow Mr Hands the opportunity to get some money back, such as the £100 million of his own money which he pumped into EMI, if it can be sold for profit.</p>
<p>Citigroup was not immediately available for comment.</p>
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