Our beloved owners expenses!

[niallers]

Liverpool are being made to pay almost £2m to cover the travel, legal and other personal expenses of the club's owners, Tom Hicks and George Gillett. The accounts published for the owners' holding company, Kop Football, for the year to 31 July 2008, show that Hicks charged £192,000 for "third party consulting, travel and other expenses," while Gillett charged £129,000 for "reimbursable travel, legal, personnel and other expenses".

 

The two men charged significant amounts of money for the same expenses, incurred by themselves personally "and affiliated companies", during the previous seven-month accounting period, which ran from 18 December 2006 to 31 July 2007, too. Hicks charged Kop £198,000, while Gillett charged £375,000.

 

The pair also claimed almost £1m for what are described in the accounts as "transaction-related expenses". Hicks and affiliated companies charged Kop £133,000 in this category, while Gillett's figure was much higher: £823,000. The total charged to Kop in expenses, for the owners and their affiliated companies, in 18 months from their takeover in early February 2007 to the accounts' end date of 31 July 2008, was £1.85m.

 

The accounts do not explain in further detail what "consulting, travel, legal, personnel and other expenses" were, or which were regarded as "reimbursable", and Hicks and Gillett were not available to respond with details yesterday. Nor was there any explanation of what constituted "transaction-related expenses". However, the only substantial transaction from December 2006 to July 2007 was the pair's takeover of the club itself. They borrowed £185m from the Royal Bank of Scotland to buy Liverpool in February 2007, and the club has been made responsible for paying the interest on that loan. Now it seems the club has also been made to pay for the pair's costs of doing the deal.

 

The accounts, published last week, showed that Kop owed a total of £313m to the Royal Bank of Scotland and *Wachovia in January this year, and that £36.8m was payable in interest last year. Kop's only asset is Liverpool Football Club so the interest, and the reimbursement of expenses, have to come from the club's income, made from television, supporters paying to watch matches, and other commercial earnings. Hicks and Gillett did loan Kop £58.2m from their holding company in the Cayman Islands last year.

 

Not all the expenses claimed had been paid by July 2008. The accounts state that of the £523,000 charged by Hicks and his affiliates, £188,000 was still owed, which meant he had been paid £335,000 by Liverpool. Of the £1.327m Gillett claimed for his expenses, £255,000 was outstanding, so Liverpool had paid him £1.072m.

 

The revelation about the expenses has further incensed supporters' groups who have campaigned for Hicks and Gillett to sell up and leave. The groups accuse the pair of breaking their promise not to make the club pay for their own borrowings to take it over, as the Glazer family did at Manchester United. Liverpool was sold because the previous chairman, David Moores, and chief executive, Rick Parry, believed the club needed wealthy backers to build the long-planned new stadium on Stanley Park, yet the North American pair have not found the finance.

 

James McKenna, spokesman for the Spirit of Shankly fans' group, said: "Hicks and Gillett were the multimillionaires who promised not to do a Glazer and that work would start on the new stadium within 60 days. Yet now we find, as fans, not only are we paying for their takeover, but we are also paying for their costs of having done it, and, for coming over to visit the football club. They were supposed to bring investment to take the club forward, but it turns out we're even paying their travel costs."

 

BASTARDS!

[Wor Horse]

Cunts.

[The Bugged Out]

it makes me sick to my fucking stomach.

[odris]

Cunts.

[coop]

Have they started charging interest yet on the loans they gave the club via the Kop (cayman) so we could sign Torres, Mascherano etc or is that a nice little surprise for us later.

[Royal Family]

Have they started charging interest yet on the loans they gave the club via the Kop (cayman) so we could sign Torres, Mascherano etc or is that a nice little surprise for us later.

 

Nope - interest last year was due but not charged. It's all being saved up. At just over 10%.

 

Still, there's quite a few people on these pages over the last few days prepared to defend them.

[Dan Vito Corleone]

They took 2.5m out last year as well. We have to fight these bastards

 

Absolutely correct.

[Carradona]

Fuck.

[niallers]

Its a miacle that we are where we are, team development wise, at the moment considering we've these 2 inept wank stains bleeding us dry and forcing the club to buy players using loans or having to wheel and deal. Rafa must have the patience of a saint cos i would've strangled the cunts, along with coco and moores, long ago.

[Guest ShoePiss]

disgraceful

[1892-LFCWasBorn]

I'm lost for words, so I'll sum up with one.

 

CUNTS!!!

[Liverpool lad]

Thanks DM, it isn't like these fellas have got previous for this is it?

[Unrighteous]

"Are you up there god? Please. Make it stop."

[rebel23]

their original loan was 185m to buy the club 2 years ago and now the debt stands at 420m

 

they have managed to more than double the debt in 2 years. I hate to think what it will be in another 2 years with yet more interest and refinancing costs, they will bankrupt the club for sure.

 

it's like watching a train wreck in slow motion. RBS are the biggest cunts for enabling this rape to take place.

[Herp McDerp]

their original loan was 185m to buy the club 2 years ago and now the debt stands at 420m

 

they have managed to more than double the debt in 2 years. I hate to think what it will be in another 2 years with yet more interest and refinancing costs, they will bankrupt the club for sure.

 

it's like watching a train wreck in slow motion. RBS are the biggest cunts for enabling this rape to take place.

 

 

Why would RBS give a fuck, so long as they get their interest payments they're happy. I still can't quite fathom how those two idiots who supposedly love the club managed to find the two worst owners out there. And here I was laughing when City were bought by Thaksin.

[JMARKH]

It is sickening and I will be glad when they are dead.

[FrenchEyeGlass]

[sarcasm]

Rafa is a fucking cunt for this.

 

Sack the fat twat.

[/sarcasm]

[RoboRiise]

I see they're still riding gold-plated unicorns across the Atlantic then.

[OnizukaEikichi]

They are make Thaksin look like Jesus.

[Melchett]

I'll say it again, £30 and I'll rape their corpses in the starfish.

[Guest Ulysses Everett McGill]

I'll say it again, £30 and I'll rape their corpses in the starfish.

 

I think they'd want more than that, although you might get a discount for doing them both

[Juan Galonso]

The yanks own the club so if they take expenses out then that is their entitlement to do that sadly. Put it this way would anyone even give a fuck about this if we had decent owners? If I was in charge of an organisation and actually owned it I would do the same to be honest. If there is one person who shouldn't be getting a penny off the club expenses however who doesn't have to pay for fuck all and travels everywhere with the team on the coach it is that twat Moores. He walked away with 80 odd million quid and the twat is still leeching off us. Why should he still be allowed to games FOC and travelling with the team to games?

[Carra_is_legend]

Considering the way they are screwing us in terms of debts, those expenses are nothing really.

 

I'm more worried about the £100m they claimed to have spent on the new stadium. Also where has the £60 odd million that they borrowed to "start the stadium" has gone?

[The Acolyte]

Considering the way they are screwing us in terms of debts, those expenses are nothing really.

 

I'm more worried about the £100m they claimed to have spent on the new stadium. Also where has the £60 odd million that they borrowed to "start the stadium" has gone?[/QUOTE]

 

For the last time:

 

Straight......in....their.....pockets

[lostinspace1970]

Why would RBS give a fuck, so long as they get their interest payments they're happy. I still can't quite fathom how those two idiots who supposedly love the club managed to find the two worst owners out there. And here I was laughing when City were bought by Thaksin.

 

I'd even consider the Glazers over them ! :wallbutt: