Anfield can finally say goodbye to this pair of jokers.
George Gillett and Tom Hicks’ ownership of Liverpool will end next month after the Royal Bank of Scotland placed the club in its Global Restructuring Group.
The high street giant are expected to seize control of the club on 6 October when their refinancing loan agreement with the Americans expires.
Plans by Gillett and Hicks to refinance were rejected in June whilst chairman Martin Broughton and the Anfield board have sought legal advice to block any plans by the duo to use club assets to remortgage their debts.
RBS are not expected to place Liverpool’s holding companies Kop Football and Kop Football Holdings as well as Football UK Ltd, Gillett’s loan-security outfit, into administration due to the nine-point penalty the Premier League would enforce.
Stephen Schechter, experienced football financier and chief executive of London-based Schechter & Co, said: “The roulette wheel stops spinning on October 6.
“If you were a prospective buyer, I would call RBS and say I’m interested in buying your loan.
“I would notify Gillett and Hicks that I’m the new lender and there will be no extensions, renewal or modifications of the loan: It is due and payable in full on October 6.
“What that does is stop the game.” (Click Liverpool)
This is surely a good bit of news but any sense of hope should be tempered with a fair amount of caution. The Americans have made many broken promises and have lumbered the club with a vast amount of debt which could take some time to balance. RBS are being very wise in their dealings with the club, and as such worries about being placed into administration are at least allayed.
Investors are still needed in the long term and apparently a couple of consortium’s are monitoring the situation. Roy Hodgson will hope that someone will come in before the next transfer window as the Liverpool boss is still looking to strengthen his Anfield squad.
The club is heavily in debt and as such potential takeovers are less attractive but a club the size of Liverpool will always find investment but if the club pushes up the table back towards the top four then the chances of finding a benefactor increases.