It might seem a ridiculous question to ask, yet this source claims that the Merseyside club could be down a certain creek without a paddle thanks to their American owners!
The Times reports that the loveable pair that are George Gillett and Tom Hicks are struggling to pay off the club’s not insubstantial debt. The American owners are hopeful that they will get an extension for paying off the £350 million that has been borrowed, although a leading powerbroker reckons this is far from a certainty, and that this could lead to Liverpool having to sell some of their most valuable players to cover the deficit.
Keith Harris, the chairman of Seymour Pierce, the investment bank, and the man responsible for brokering some of the biggest takeovers of Barclays Premier League clubs, including the sale of Chelsea to Roman Abramovich in 2003, believes that the Americans could be forced to sell leading players if they are unable to pay off the club’s £350 million debt.
Although Hicks and Gillett have an option to extend the January 25 deadline for repaying the loan by six months, it is far from guaranteed that an extension will be granted, with their main lenders, Royal Bank of Scotland (RBS) and Wachovia, being two of the banks worst hit by the global economic crisis.
“The one that worries me is Liverpool,” said Harris, the former chairman of the Football League, who has been asked to find buyers for Everton and Newcastle United. “Royal Bank of Scotland and Wachovia are two of those that have suffered. Whether they want to lend it [the money] again or not, they may not be able to.”
This news must surely concern Liverpool supporters, many of whom have been hoping that their American owners would sell the club to Sheikh Mohammed and leave Anfield once and for all. Are Reds fans confident that a solution will be found to the current financial plight, or are you fearing the worst for the future of the famous football club?