Hicks looking to buy out Liverpool
Liverpool owner Tom Hicks is looking to buy out the club before October. According to a number of sources the majority of the board would reject a move by Hicks to take full control of the club including chairman Martin Broughton, managing director Christian
Purslow and commercial director Ian Ayre.
Hicks informed Martin on Wednesday that he intended to refinance the clubs debt which amounts to £237 million. Any attempt to refinance the club must occur by an October deadline, which was set by The Royal Bank of Scotland.
The club was taken over by Hicks and co-owner George Gillett bought the club in February 2007 for a sum of £219 million. However, since then the two Americans have had a number of setbacks and falling outs. Reports suggest that Gillett who owns half the
club is finding it difficult to refinance his loans of £75 million and this has allowed Hicks to make a move to gain full control of the company.
Hicks and Gillett's ownership has been surrounded by difficulty, both financial and in terms of their image with Liverpool fans. It has been predicted that the club would be sold over the summer allowing new manager Roy Hodgson funds to spend in the transfer
market. This situation seems less likely with news of Hicks attempt to gain full control of the club.
The Liverpool fans will be fearful of Hicks gaining complete control of the club and have held numerous demonstrations and protests during Hicks' tenure as owner. With various rumours of new owners taking over the club including a Chinese consortium led
by Kenny Huang and a Syrian individual who represents a Canadian consortium. Liverpool fans have grown tired of the slow movement in regards to selling the club. The fact that Hicks intends to refinance the club will come as an unwelcome shock to Liverpool
fans.
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