Friday, 17th September 2010
Liverpool co-owner Tom Hicks is fighting hard to try and keep control of the club. Hicks and his fellow co-owner George Gillett see their loan with the Royal Bank of Scotland expire on 6th October and are struggling to refinance the deal having not only vowed to sell the club, but also seen the debt moved to the bank’s toxic assets division.
The end-game does appear to be nearing for Gillett, who is believed to be unable to repay a loan he took out some time ago with Mill Financial for $75M, and which was secured against his Liverpool shareholding. However, Hicks has his eye on Gillett’s shares, is trying to either refinance with RBS, or raise money elsewhere, and seize full control at Anfield.
Hicks believes that Liverpool are a strong and profitable business and what interest there has been does not reflect that. As the jewel in Hicks’ dwindling sports empire, holding onto the Reds has become more attractive than ever to the Texan.
Standing in the way of Hicks’ bid could well be the club’s board headed by Martin Broughton. The board blocked an earlier attempt to refinance the debt earlier this year after judging it not to be in Liverpool’s best interests. With RBS not favouring taking control of the club by calling in the debt, such a move again would be a brave one.
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