EPL News - Part 2: Kenny Huang and Liverpool board face difficulties regarding club takeover
At the moment the price issue is the main difficulty the current owners and Huang are having a disagreement upon. Huang has represented a bid of around 350 million pounds, which is close to the amount of debts the club is facing. But Hicks and Gillett are still stuck to the old price of the club, which is 700 million pounds.
Both owners recent investments are on the verge of bankruptcy. Hicks is additionally about to back out of a couple of his investments and withdraw his ownership of several teams, including his baseball team. He has also announced that this fall he will be selling out his ice hockey club, Dallas Stars.
Rumour has it that the QSL and Liverpool have some disagreement as to where the Chinese group of companies are getting their funds from. QSL funds many government projects from China and sometimes the government funds QSL in return.
The company has many billionaire financers and because of this they never face a deficiency in funding. The head of the company himself owns the National Basketball League and the National Baseball League in China.
The Chinese investment company has requested some loans from the Royal Bank of Scotland, just as they were about to sign the deal. This has led to the Liverpool board rethinking the signings and, the sources of the funds for the takeover.
They have relayed that when they demanded to know where the funds for the takeover were coming from, QSL did not explain. The club has vast financial funds reserved for other major signings and if this does not happen before the transfer window closes they will stray away and find another place to invest.
The Liverpool manger Roy Hodgson has said that it would be crucial for the club to make the takeover before the transfer window closes on the 31st of August. He stated that he still had a couple of signings in mind and was hoping that he could add them to the squad.
Huang has confirmed with Hodgson that once the takeover is successful, he would provide the Englishman with enough money for him to revamp his squad. Huang is the major consortium for wanting the switch of ownership to take place and has commented on the situation by saying that the Liverpool board is failing to make this conceptualize.
When talking to media he articulated that he was extremely aggravated with the progress in talks between the groups. He also stated that Hicks and Gillett did not seem entirely devoted to the takeover and therefore he might back off.
Huang is not the sole bidder for the club, as a matter of fact he is a part representing several other major parties. Last Friday was considered the deadline for the deal and now the Liverpool board has stated that they are analysing and assessing the bids set by other clubs.
In their latest bid the club has put forth that they are trying to verify the funds and also looking over some others bids. The Liverpool board recently announced that the deal with QSL was not the only bid they were pondering over and that there were several other parties that were interested in buying out the club.
The board has also informed the media that after all these matters have been taken care off and all bids have been analysed then there would be a vote in which the thoughts of owners Tom Hicks and George Gillett would be taken into consideration.
Huang stated that it was in the best interests of the club for the deal to take place as soon as possible. He said that he had big plans for the club and was going to erase all the miseries that the club was facing.
Hodgson has welcomed the thought but has also told the Liverpool board that the deal should not be made with haste.
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