Dubai and Liverpool FC

[JagSquared]

this thread is now on page 101. I say lets just stick it in room 101 and be done with it. It really gets on my tits when I see it as it only brings false hope of them two morons fucking off but it just aint gonna happen.

[The Acolyte]

Sorry lads and ladies but saw this on RAWK.

I was under the impression that Gillet had debts on the Canadians as well so he can't sell it and save his skin.

 

Impact bid scuttled by economic crisis?

By GARETH WHEELER

 

Last Updated: 24th November 2008, 3:11am

 

After being the odds-on favourite for an expansion franchise in 2011, MLS commissioner Don Garber announced Friday that Montreal was out of the running because of an incomplete bid.

 

The Montreal Impact claim it did not pull out of the running and will hold a press conference this morning to address the situation.

 

With a soccer-specific stadium and devout fan following already in place, Montreal was a logical fit.

 

One has to wonder whether the bid's reliance on the financial strength of George Gillett Jr. and his current financial woes contributed to the collapse of the bid.

 

Gillett and Tom Hicks have a Jan. 25 deadline to pay back the $664-million loan for their purchase of English Premier League club Liverpool.

 

Although they have an option to extend the payment deadline by six months, neither the Royal Bank of Scotland nor Wachovia bank are in a position to play Mr. Nice Guy.

 

In an intriguing twist, the story that broke a couple of weeks ago linking Research In Motion's Jim Balsillie to buying the Montreal Canadiens may still have legs.

 

In publicly declaring a "for sale" sign on the Canadiens, Balsillie may have been providing Gillett with a get-out-of-jail-free card, giving him the option to sell the Canadiens as a quick solution to his problems.

 

Balsillie would take control of the Canadiens and Gillett would be in a better position to maintain ownership of Liverpool, the crown jewel of his sporting interest.

 

Regardless, it appears a $40-million expansion fee and a Saputo Stadium face-lift were not part of Gillett's short-term agenda.

 

The league says it still sees a future for the MLS in Montreal, just not right now and not without Gillett's financial backing.

 

Liverpool owners Tom Hicks and George Gillett hit out at cash crisis rumours

[Slimmy]

RAFA BENITEZ NEW DEAL | Liverpool boss to sign two-year contract extension by Christmas | Sport|Football | News Of The World

 

RAFA BENITEZ NEW DEAL

Liverpool boss to sign two-year contract extension by Christmas

 

By CHRIS BASCOMBE, 29/11/2008

 

RAFA BENITEZ will reject Real Madrid for a third time to sign a two-year extension to his deal at Liverpool.

 

The Kop boss this week told the Anfield board he would rather stay than go — despite renewed interest from the Spanish giants.

 

Now Spaniard Benitez is closing in on an agreement that will keep him on Merseyside until at least 2012.

 

Following talks with American owners Tom Hicks and George Gillett, both parties are confident a deal will be struck before Christmas.

 

Benitez said: “My advisers were in contact with them and we are waiting for a new contract right now. Sooner rather than later we will have another communication.”

 

The deal represents an extraordinary turnaround for the Spanish coach, who was on the brink of being sacked 12 months ago.

 

The owners’ eagerness to tie down Benitez is directly related to their plan to sell the Anfield club.

 

They are searching for a buyer and have been advised that the uncertainty over the manager’s position makes Liverpool unattractive.

 

Hicks and Gillett know they must sell before July because of their £350million debt — and key players Steven Gerrard and Fernando Torres will also be in line for deals in 2009.

 

Skipper Gerrard will have two years left on his contract this summer and wants to commit his future to Liverpool for life.

 

And star striker Torres will need to be rewarded for his impact to fend off the prospect of big-money bids.

 

Hicks and Gillett will not have the cash to make any significant financial commitments while their stadium plans are on hold.

 

The transfer budget will also be decided by Reds’ on-field displays — assisted this week by the £10m assured from their Champions League progress.

[coop]

Hicks and Gillett looking to sell.

 

Did not see that one coming.

[Section_31]

Are we nearly there yet?

[Guest PaddyBerger15]

Excellent Custodians who want and will do the best for the club and that.

[Anubis]

If Bascombe is right then get the contract signed ASAP and fuck off. Thanks.

[Slimmy]

Hicks and Gillett looking to sell.

 

Did not see that one coming.

Coop, some of the banker types on rawk have been suggesting that the yanks cant find a buyer and that the arabs are no longer interested, have Dubai walked away from the deal or are they still waiting for the yanks to bring the price down to an appropriate level?

[coop]

Coop, some of the banker types on rawk have been suggesting that the yanks cant find a buyer and that the arabs are no longer interested, have Dubai walked away from the deal or are they still waiting for the yanks to bring the price down to an appropriate level?

 

Dubai/Sheikh walked away a while since mate when the owners made it clear that they wanted too much for the club.

 

The price Hicks and Gillett are asking is too much especially in this day and age and in all fairness buying Liverpool would require spending around £800 million including the the build of the stadium and including the debt on the club.

 

Not many people will look at that as an investment but more of something that looks good on their portfolio.

 

Whilst Dubai walked away that does not mean they are not interested in buying the club and im pretty sure they are keeping an eye on events as they unfold.

 

Oli Kay did a good piece a couple of weeks or so ago when he said that the owners had accepted a £500 million bid and called for Hicks and Gillett to deny which they did not.

 

Hicks and Gillett currently are struggling to find a buyer and whilst they get more desperate as the refinance date looms the more their asking price will come down and this i would imagine is what Dubai and any other interested parties will be waiting for.

[Red Nick]

Does anyone know for sure if the loan is in dollars or Pounds, if its in Dollars we have big problems!

 

Some article quote dollars and some quote pounds

[Sangria]

Does anyone know for sure if the loan is in dollars or Pounds, if its in Dollars we have big problems!

 

Some article quote dollars and some quote pounds

 

That is one point, then you have any potential buyer wanting to get the stadium built. I wonder how much the cost of the stadium build has dropped, steel etc dropping by the day.

All numbers that need to be taken into account.

 

At the minute it looks like the owners have went all in with a shit hand.

[Hugo Sanjeev]

Dubai/Sheikh walked away a while since mate when the owners made it clear that they wanted too much for the club.

 

The price Hicks and Gillett are asking is too much especially in this day and age and in all fairness buying Liverpool would require spending around £800 million including the the build of the stadium and including the debt on the club.

 

Not many people will look at that as an investment but more of something that looks good on their portfolio.

 

Whilst Dubai walked away that does not mean they are not interested in buying the club and im pretty sure they are keeping an eye on events as they unfold.

 

Oli Kay did a good piece a couple of weeks or so ago when he said that the owners had accepted a £500 million bid and called for Hicks and Gillett to deny which they did not.

 

Hicks and Gillett currently are struggling to find a buyer and whilst they get more desperate as the refinance date looms the more their asking price will come down and this i would imagine is what Dubai and any other interested parties will be waiting for.

 

 

 

Who do think they accepted the £500 mill bid from and why did it fall through?

[coop]

Probably had a look at the books and stepped back or they just wanted to see the books and know how much the owners would do a deal at for future reference.

[Hugo Sanjeev]

Probably had a look at the books and stepped back or they just wanted to see the books and know how much the owners would do a deal at for future reference.

 

 

Heard any specific whispers about who the party were?

[redshoeshuffle]

I think after 101 pages we can safely say that not a single person on any LFC forum knows what is going on. I have just read through this whole thread and it is full of shit and speculation found to be untrue later on.

[Red '84]

Does anyone know for sure if the loan is in dollars or Pounds, if its in Dollars we have big problems!

 

Some article quote dollars and some quote pounds

 

pretty sure the loan from rbs was in pounds.

[Dicko]

Gillett trying to refinance debt

 

By DANIEL KAPLAN

Staff writer

Published December 01, 2008

 

Liverpool FC co-owner George Gillett is trying to refinance $75 million of personal debt that pledges his interest in the soccer team as collateral, according to sources familiar with the situation.

 

The money is due late next month unless the three-sport owner can work out a new deal.

 

Gillett, who declined to comment, borrowed the money on Jan. 25 from Mill Financial, according to a Uniform Commercial Code debtor search in Delaware. Mill Financial is a unit of Springfield Financial Co., a lender based in Springfield, Va. The money, borrowed through Gillett Football, where Gillett’s 50 percent interest in the club is housed, funded an equity infusion for the English Premier League team required by creditors.

 

According to the UCC file, Football Investments, which owns Gillett Football, is pledged as collateral. If Gillett were unable to refinance and did not pay off the loan when it is due on Jan. 25, he would then default, meaning the lender could seek his ownership position.

 

Springfield is selling the debt, and sources said it will change hands by the middle of this month. At least one other entity, with an eye on seeking control of Gillett’s Liverpool interest, is bidding to acquire the debt from Mill, sources said.

 

 

The Liverpool FC co-owner seeks new terms for debt tied to his interest in the club.

 

Gillett himself is looking to acquire the note with a group of investors, the sources said, at which point he could merely extend the deadline. If he were unsuccessful at buying the note, he also could pay off the loan on Jan. 25, presuming he has the money to do so.

 

Mill Financial Principal Ron Devine did not respond to calls for comment.

 

That Gillett finds himself trying to buy a note from a relatively obscure Virginia lender underscores the degree of financial difficulty he and equal partner Tom Hicks have found themselves in since buying Liverpool in 2007.

 

The duo originally borrowed about 280 million pounds (currently $429 million) from Royal Bank of Scotland and Wachovia to finance their acquisition, one of several English Premier League sales to foreigners in that time period. Hicks and Gillett had expected to refinance easily, but the credit markets soured in the summer of 2007. A hoped-for refinancing proved arduous, and the lenders required the duo earlier this year to put in about $150 million of equity they were not envisioning. That means there is at least $575 million of debt directly tied to Liverpool.

 

Gillett borrowed his money from Springfield at a rate as high as 19 percent, and Hicks, sources said, used a line of credit from JPMorgan Chase. A spokesman for Hicks declined to comment.

 

Gillett had anticipated until recently that he could simply extend the Jan. 25 deadline, a source familiar with the situation said, but last week, Springfield put the note up for sale.

 

Gillett emerged from bankruptcy protection in the early 1990s to amass a meat packing and ski resort fortune and then started buying sports assets, including Liverpool, the Montreal Canadians and a NASCAR team.

 

Liverpool is not the only sports team Gillett controls with high levels of debt. SportsBusiness Journal reported in May 2006 that the Montreal Canadiens and the Molson Centre, which he also owns, borrowed $240 million.

 

Gillett trying to refinance debt

 

Gillett's at Anfield now apparently.

[Carra_is_legend]

$75m as dividends?

[rebel23]

Gillett borrowed his downpayment at 19%? not very clever!

 

sooner or later their creditors are going to take control of the club

[PaulMcC]

Where did you hear he's at Anfield?

 

After the game we should all give him loads of grief.

[redrosetints]

Gillett trying to refinance debt

 

By DANIEL KAPLAN

Staff writer

Published December 01, 2008

 

Liverpool FC co-owner George Gillett is trying to refinance $75 million of personal debt that pledges his interest in the soccer team as collateral, according to sources familiar with the situation.

 

The money is due late next month unless the three-sport owner can work out a new deal.

 

Gillett, who declined to comment, borrowed the money on Jan. 25 from Mill Financial, according to a Uniform Commercial Code debtor search in Delaware. Mill Financial is a unit of Springfield Financial Co., a lender based in Springfield, Va. The money, borrowed through Gillett Football, where Gillett’s 50 percent interest in the club is housed, funded an equity infusion for the English Premier League team required by creditors.

 

According to the UCC file, Football Investments, which owns Gillett Football, is pledged as collateral. If Gillett were unable to refinance and did not pay off the loan when it is due on Jan. 25, he would then default, meaning the lender could seek his ownership position.

 

Springfield is selling the debt, and sources said it will change hands by the middle of this month. At least one other entity, with an eye on seeking control of Gillett’s Liverpool interest, is bidding to acquire the debt from Mill, sources said.

 

 

The Liverpool FC co-owner seeks new terms for debt tied to his interest in the club.

 

Gillett himself is looking to acquire the note with a group of investors, the sources said, at which point he could merely extend the deadline. If he were unsuccessful at buying the note, he also could pay off the loan on Jan. 25, presuming he has the money to do so.

 

Mill Financial Principal Ron Devine did not respond to calls for comment.

 

That Gillett finds himself trying to buy a note from a relatively obscure Virginia lender underscores the degree of financial difficulty he and equal partner Tom Hicks have found themselves in since buying Liverpool in 2007.

 

The duo originally borrowed about 280 million pounds (currently $429 million) from Royal Bank of Scotland and Wachovia to finance their acquisition, one of several English Premier League sales to foreigners in that time period. Hicks and Gillett had expected to refinance easily, but the credit markets soured in the summer of 2007. A hoped-for refinancing proved arduous, and the lenders required the duo earlier this year to put in about $150 million of equity they were not envisioning. That means there is at least $575 million of debt directly tied to Liverpool.

 

Gillett borrowed his money from Springfield at a rate as high as 19 percent, and Hicks, sources said, used a line of credit from JPMorgan Chase. A spokesman for Hicks declined to comment.

 

Gillett had anticipated until recently that he could simply extend the Jan. 25 deadline, a source familiar with the situation said, but last week, Springfield put the note up for sale.

 

Gillett emerged from bankruptcy protection in the early 1990s to amass a meat packing and ski resort fortune and then started buying sports assets, including Liverpool, the Montreal Canadians and a NASCAR team.

 

Liverpool is not the only sports team Gillett controls with high levels of debt. SportsBusiness Journal reported in May 2006 that the Montreal Canadiens and the Molson Centre, which he also owns, borrowed $240 million.

 

Gillett trying to refinance debt

 

Gillett's at Anfield now apparently.

 

They will be gone by the middle of January. Yahoo !

[Dougie Do'ins]

Where did you hear he's at Anfield?

 

After the game we should all give him loads of grief.

Was told he's here about 2pm. Just as the last time he was here, fuck all will happen.

[JohnnyH]

If he owes €75m then does that mean any profit from the Makhtoum offer on the table would immediately be eaten up? Might make him less likely to sell up if he's not going to clear any profit.

[john23liverpool]

if RBS call in the debt then Hicks and his bitch will be forced to either sell up and settle the debt or wrap up the limited company 'Kop Football' leaving RBS to sell the club to the highest bidder to reclaim their money. Its a win-win situation for us - Unless the bank can't find anyone willing to buy the club.

[WaltonRed]

I think thats why he wants a shit load so he atleast walks away with a little profit.

 

It still defies belief that Moores and Parry sold to these two let alone are still at the club.