Post by rbbrslmn on Sept 17, 2010 12:40:09 GMT
www.guardian.co.uk/football/2010/sep/16/tom-hicks-george-gillett-liverpool
Tom Hicks holds new talks in bid to keep control at Liverpool
Tom Hicks has launched a last-ditch bid to retain control of Liverpool by looking to secure another refinancing deal as his co-owner, George Gillett, attempts to avoid defaulting on a $75m loan that could cost him his involvement in the Anfield club.
Hicks and Gillett face losing the club to the Royal Bank of Scotland next month when the deadline for refinancing loans of at least £237.4m – according to club accounts to July 2009 – expire. But despite fierce opposition from the majority of the Anfield board to any further attempts at refinancing by the Americans, who are now believed to owe approximately £280m under the terms of their arrangement with the bank in April, the Texan businessman is attempting to strengthen his interest in the club.
The Liverpool co-owner arrived in TCOTU on Wednesday and has discussed refinancing options with, among others, the investment bank FBR Capital Markets. Liverpool would face further damaging interest repayments should Hicks succeed in preventing RBS from taking control and selling the club on for much less than the Americans' original £800m valuation. However, Hicks would require majority approval from the Liverpool board to secure a deal and, so far, the chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have all opposed his attempts to remain at the helm.
It is understood Hicks met FBR Capital Markets and Broughton alone, with Gillett in danger of defaulting on a loan acquired to meet personal guarantees in a previous deal with RBS. Gillett secured a $75m loan in 2008 with Mill Financial, who have now called the loan in, and is currently trying to extend that loan in order to protect his 50% stake in Anfield.
Broughton has yet to find a buyer for the Anfield club five months after his appointment as chairman with that specific brief.
Tom Hicks holds new talks in bid to keep control at Liverpool
Tom Hicks has launched a last-ditch bid to retain control of Liverpool by looking to secure another refinancing deal as his co-owner, George Gillett, attempts to avoid defaulting on a $75m loan that could cost him his involvement in the Anfield club.
Hicks and Gillett face losing the club to the Royal Bank of Scotland next month when the deadline for refinancing loans of at least £237.4m – according to club accounts to July 2009 – expire. But despite fierce opposition from the majority of the Anfield board to any further attempts at refinancing by the Americans, who are now believed to owe approximately £280m under the terms of their arrangement with the bank in April, the Texan businessman is attempting to strengthen his interest in the club.
The Liverpool co-owner arrived in TCOTU on Wednesday and has discussed refinancing options with, among others, the investment bank FBR Capital Markets. Liverpool would face further damaging interest repayments should Hicks succeed in preventing RBS from taking control and selling the club on for much less than the Americans' original £800m valuation. However, Hicks would require majority approval from the Liverpool board to secure a deal and, so far, the chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have all opposed his attempts to remain at the helm.
It is understood Hicks met FBR Capital Markets and Broughton alone, with Gillett in danger of defaulting on a loan acquired to meet personal guarantees in a previous deal with RBS. Gillett secured a $75m loan in 2008 with Mill Financial, who have now called the loan in, and is currently trying to extend that loan in order to protect his 50% stake in Anfield.
Broughton has yet to find a buyer for the Anfield club five months after his appointment as chairman with that specific brief.
