The two twats get their refinancing

[1892-LFCWasBorn]

Tom Hicks and George Gillett set to refinance Liverpool loan

 

Elena Moya and Andy Hunter

 

Liverpool's beleaguered co-owners, Tom Hicks and George Gillett, look set to *refinance their £350m loan with the Royal Bank of Scotland and Wachovia from next month's deadline, the *Guardian has learned. The extension could cost up to £3.5m for the arrangement fee, with *interest payments – approximately 4% above the banking rate – similar to the terms on their current facility.

 

It was announced last week that Hicks' and Gillett's parent company, Kop *Football (Holdings) Limited, suffered a £42.6m loss for the year ending July 2008 despite a record turnover of £164.2m. A Liverpool supporters group, Spirit of Shankly, has launched a protest campaign to dissuade RBS from extending the loan beyond the 24 July deadline.

 

However, the two banks are willing to extend their loan, given rising income at a club who finished second in the Premier League last season, qualifying for the lucrative Champions League for a *seventh season in a row. "Banks won't want to jeopardise growth through *taking control," a source close to the situation said.

 

Facing multi-billion pound losses, banks are pushing unprofitable companies into insolvency or demanding *control through a debt-for-equity swap. In Spain the local savings bank Bancaja has *practically taken control of Valencia, who have about £500m of debt. However, the source added: "It doesn't make sense to take control of a business that's performing well; this approach could be applicable to Liverpool."

 

The refinancing deal will buy Hicks and Gillett time as they attempt to avoid having to sell Liverpool, although their prospects of borrowing a further £400m to build a new stadium on Stanley Park have receded. Last week's accounts included a warning from the accountants, KPMG, that there would be "significant doubt on the group's and parent company's ability to continue as a going concern" without an extension to the £350m loan. A source close to Hicks responded that the Texan was "very relaxed" and "confident".

 

Liverpool's manager, Rafael Benítez, meanwhile, has *confirmed that he has funds to enhance his squad this summer. "I won't talk about any figures and I can't say how much we have," he said. "Clearly we don't have too much to spend but I think we have enough money to add the one or two players that we need."

 

Tom Hicks and George Gillett set to refinance Liverpool loan | Football | guardian.co.uk

[WaltonRed]

I'm not suprised one bit.

 

I knew they'd get it.

 

Thank you Dave and Rick.

[coop]

What was the alternative.

 

The bank to turn down £30 million a year in interest payments.

 

There is one thing though we can carry on playing at Anfield for quite some years.

[INTORRESTING]

i will be surprised if anyone is surprised!

[Sangria]

How long is it for. Every time we refinance we get the one percent arrangement fee of three and a half million, probably every year as they will not give it longer. A lot of money in fees.

 

Yet again thanks DM you really did do us proud in finding suitable custodians.

[shaunstrudwick]

on a positive note at least it means Rafa can start moving on some new faces now

[Section_31]

Fans in "shat on" shocker.

[stringvest]

I'm not sure that the news is as bad as it seems. There's no reason not to sell at least part of the club, because without it, financially at least, last year is about as good as it's likely to get for them. They will be able to leverage a higher price for themselves once the extension to the loan is sealed.

[Section_31]

I'm not sure that the news is as bad as it seems. There's no reason not to sell at least part of the club, because without it, financially at least, last year is about as good as it's likely to get for them. They will be able to leverage a higher price for themselves once the extension to the loan is sealed.

 

I think they'll tread water now until a stadium is built (probably involving another loan) and condistions improve in the financial markets, but with very little outlay in the meantime. This will be a backs to the wall exercise on all fronts IMO until such time as the ground is in place and they can collect their little nest eggs.

[Sangria]

I think they'll tread water now until a stadium is built (probably involving another loan) and condistions improve in the financial markets, but with very little outlay in the meantime. This will be a backs to the wall exercise on all fronts IMO until such time as the ground is in place and they can collect their little nest eggs.

 

I think the days of the LDO are gone for a long, long time. It will take years for the banking system to fully recover.

 

The new stadium is pie in the sky unless they put serious finance up, which they either cannot, or will not do. In my honest opinion with the current owners, we will never see a new stadium.

 

If we do not get new owners I worry about the long term future of the club, I really think it could be that bad. Short term we are fine, it is the long term that worries me.

[Dr Arthur De Sabre]

More bullshit and hyperbole, I won't believe it till i see G&H on the front of the echo with a big cheque

[Section_31]

I think the days of the LDO are gone for a long, long time. It will take years for the banking system to fully recover.

 

The new stadium is pie in the sky unless they put serious finance up, which they either cannot, or will not do. In my honest opinion with the current owners, we will never see a new stadium.

 

If we do not get new owners I worry about the long term future of the club, I really think it could be that bad. Short term we are fine, it is the long term that worries me.

 

I think people need to stand up and be counted, and I don't think the fans in the street - with the best will in the world - can achieve anything.

 

All the movers and shakers, the councillors, the politcians, the business people, fuck even the celebrities, anyone with any kind of media pull need to get onboard and make sure LFC isn't allowed to slide into the abyss. There needs to be a campaign but it needs to be visible and high profile, and that can't be achieved by the fans IMO, not to the extent it's needed.

[Sangria]

I think people need to stand up and be counted, and I don't think the fans in the street - with the best will in the world - can achieve anything.

 

All the movers and shakers, the councillors, the politcians, the business people, fuck even the celebrities, anyone with any kind of media pull need to get onboard and make sure LFC isn't allowed to slide into the abyss. There needs to be a campaign but it needs to be visible and high profile, and that can't be achieved by the fans IMO, not to the extent it's needed.

 

 

I think the above would help but the big kick on has to come from the fans. We need to get together on this and fight.

Too many times we argue amongst ourselves over silly issues. Our main and sole aim now should be to get rid of those two, put all differences aside and make a united front.

The future of the club is at stake and if that is not enough for people to get their fingers out, well we might as well just let the club slide into oblivion.

 

I have had enough, right up to my eyes with those two conmen and I am in for whatever it takes.

[RobbieOR]

I have come to terms that we are never going to lose these twats. No matter waht happens their legacy will live on somehow.

[Malarkey]

This club is going to die a long painful death.

[WaltonRed]

This club is going to die a long painful death.

 

Thats the spirit.

 

It'll never die.

[niallers]

I read somwhere that our debt is now at 400 million so just for the 2 cunts to break even they couldnt sell it for less. Added to that is that they obviously want a hefty profit each so the cheapest asking price is probably 500-550 million which noone will pay. So we are going to be lumbered with these 2 CUNTS for a long time.

Truly depressing

[Red Nick]

I think the above would help but the big kick on has to come from the fans. We need to get together on this and fight.

Too many times we argue amongst ourselves over silly issues. Our main and sole aim now should be to get rid of those two, put all differences aside and make a united front.

The future of the club is at stake and if that is not enough for people to get their fingers out, well we might as well just let the club slide into oblivion.

 

I have had enough, right up to my eyes with those two conmen and I am in for whatever it takes.

 

Well someone on this thread has said at least we can buy new players now which besides it being mindblowing misses the point now. if we spend 20m now it means the debt will be increasing more come this time next year and as the debt gets higher and higher the more chance of us going into administraion or more realistically having to sell our best players, so buying Silva this season could actually mean selling Gerrard next season.

 

Most fans dont care and are happy to put there head in the sand and support the owners as long as were buying players. If we spend net 20m this summer there is absolutely no chance of getting any action going because most fans will probably defend the owners, sad but true IMO

 

its a very simple calculation 10m profit minus 36m debt payments means in reality we lost 26m last accounts which is probably are net outlay on players and there you have the equation players and debt or no players and no increase in the debt its pretty simple really.

[Malarkey]

Thats the spirit.

 

It'll never die.

 

I hope some Muslim extremist belly flops into the Directors box while Parry, Moores, Gillett and Hicks are all there and presses that little red button called the detonator.

[Red Nick]

I read somwhere that our debt is now at 400 million so just for the 2 cunts to break even they couldnt sell it for less. Added to that is that they obviously want a hefty profit each so the cheapest asking price is probably 500-550 million which noone will pay. So we are going to be lumbered with these 2 CUNTS for a long time.

Truly depressing

 

426m but 350m to the bank

[Maniacworld]

I hope some Muslim extremist belly flops into the Directors box while Parry, Moores, Gillett and Hicks are all there and presses that little red button called the detonator.

 

fuck off.better some one drops one at ur house .....cunt:telloff:

[RedinSweden]

fuck off.better some one drops one at ur house .....cunt:telloff:

 

Negged for txt spk

[Scott_M]

6 months? Great.

 

That way we can have this distracting us over New Year next season.

[Guest Ulysses Everett McGill]

The great shame is that something could have been done, if we'd shown a bit more willing, been organised and had a targeted plan.

 

Sadly, by the time it took anyone to be arsed, the horse had already bolted

[mikeynwa]

the horse with no name