'Clock is ticking' for Liverpool owners

Published Add your comment

Football News

Moves to sell Liverpool to one of Kuwait's richest families have been prompted by the need of the club's American owners to find a buyer by July.

That is when the £350million loans owners Tom Hicks and George Gillett have from when they bought the club two years ago must be refinanced and it is understood they have been made aware that the Royal Bank of Scotland will not refinance the original loan in the summer.

That loan was extended for six months at the beginning of the year, but a source close to the deal said: "Hicks has been told time is running out, the clock is ticking."

It has emerged that Hicks sanctioned talks this week with the Al-Kharafi family, initially over funding for the club's new stadium but then for a possible £500million takeover.

Gillett is thought to have been initially unaware of the talks, held with the club's commercial director Ian Ayre and financial director Phillip Nash.

Gillett, who wanted to sell to Dubai international capital last season only to be thwarted by Hicks, is understood not to be planning to block this current move in retaliation.

The Americans know they must find a buyer or a new financial arrangement with another bank, or see RBS take control themselves.

In the current climate no other bank is likely to be interested, while RBS's involvement in control of Liverpool would also put the Government in a difficult decision considering they now own a majority stake.

The source added: "Hicks has been trying to sell his assets, and that is believed to include Texas Rangers, while Gillett has cut back on his NASCAR involvement.

"Liverpool was almost sold to the Al-Kharafi family in November, it only needed a signature, but they walked away. Hicks is believed to have been furious."

Copyright (c) PA Sport 2009, All Rights Reserved.

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE:


Article Comments

Read more

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author


This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again