Re: The Countdown to October 6
They're being financed by Lucas Leiva.
They're being financed by Lucas Leiva.
LFC SOLD to NESV.
- Thread starter Terrier
- Start date
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Re: The Countdown to October 6
Haha, I forgot about him.
Haha, I forgot about him.
Re: The Countdown to October 6
Were this to be true, could the bank take legal action based on the fact that this will presumably load still more debt on the club and thereby reduce its value significantly?
Were this to be true, could the bank take legal action based on the fact that this will presumably load still more debt on the club and thereby reduce its value significantly?
Re: The Countdown to October 6
[quote author=Rosco link=topic=41900.msg1175541#msg1175541 date=1284661858]
[quote author=jono@home link=topic=41900.msg1175538#msg1175538 date=1284661764]
Rumours on our beloved RAWK the owners have found a US bank willing to refinance them
FBR Capital Markets apparently
[/quote]
Is it from Uncle Bamba ?
[/quote]
A guy called Royhendo.. From one of his contacts.. Probably bollocks..
Apparently full refinancing Jobby..
[quote author=Rosco link=topic=41900.msg1175541#msg1175541 date=1284661858]
[quote author=jono@home link=topic=41900.msg1175538#msg1175538 date=1284661764]
Rumours on our beloved RAWK the owners have found a US bank willing to refinance them
FBR Capital Markets apparently
[/quote]
Is it from Uncle Bamba ?
[/quote]
A guy called Royhendo.. From one of his contacts.. Probably bollocks..
Apparently full refinancing Jobby..
Re: The Countdown to October 6
[quote author=Judge Jules link=topic=41900.msg1175551#msg1175551 date=1284662122]
Were this to be true, could the bank take legal action based on the fact that this will presumably load still more debt on the club and thereby reduce its value significantly?
[/quote]
Presumably the Yanks are planning to pay off RBS with the 300 million they appear to be trying to borrow. RBS won't give a fuck if that's the case.
[quote author=Judge Jules link=topic=41900.msg1175551#msg1175551 date=1284662122]
Were this to be true, could the bank take legal action based on the fact that this will presumably load still more debt on the club and thereby reduce its value significantly?
[/quote]
Presumably the Yanks are planning to pay off RBS with the 300 million they appear to be trying to borrow. RBS won't give a fuck if that's the case.
Re: The Countdown to October 6
[quote author=jono@home link=topic=41900.msg1175553#msg1175553 date=1284662214]
[quote author=Rosco link=topic=41900.msg1175541#msg1175541 date=1284661858]
[quote author=jono@home link=topic=41900.msg1175538#msg1175538 date=1284661764]
Rumours on our beloved RAWK the owners have found a US bank willing to refinance them
FBR Capital Markets apparently
[/quote]
Is it from Uncle Bamba ?
[/quote]
A guy called Royhendo.. From one of his contacts.. Probably bollocks..
Apparently full refinancing Jobby..
[/quote]
The only reason to be hopeful is that most of what that turned up on RAWK about the takeover turned out to be a load of shite.
[quote author=jono@home link=topic=41900.msg1175553#msg1175553 date=1284662214]
[quote author=Rosco link=topic=41900.msg1175541#msg1175541 date=1284661858]
[quote author=jono@home link=topic=41900.msg1175538#msg1175538 date=1284661764]
Rumours on our beloved RAWK the owners have found a US bank willing to refinance them
FBR Capital Markets apparently
[/quote]
Is it from Uncle Bamba ?
[/quote]
A guy called Royhendo.. From one of his contacts.. Probably bollocks..
Apparently full refinancing Jobby..
[/quote]
The only reason to be hopeful is that most of what that turned up on RAWK about the takeover turned out to be a load of shite.
Re: The Countdown to October 6
[quote author=Rosco link=topic=41900.msg1175566#msg1175566 date=1284662770]
[quote author=Hansern link=topic=41900.msg1175564#msg1175564 date=1284662702]
If the yanks refinance, our club is finished and we can say goodbye to Torres and co.
[/quote]
Never mind Torres and Co.
You can say goodbye to LFC
[/quote]
Very true, as I said, we're finished. Hopefully this rumour is nonsense.
[quote author=Rosco link=topic=41900.msg1175566#msg1175566 date=1284662770]
[quote author=Hansern link=topic=41900.msg1175564#msg1175564 date=1284662702]
If the yanks refinance, our club is finished and we can say goodbye to Torres and co.
[/quote]
Never mind Torres and Co.
You can say goodbye to LFC
[/quote]
Very true, as I said, we're finished. Hopefully this rumour is nonsense.
Re: The Countdown to October 6
From another site;
of June 30, 2010, FRB shareholders' equity totaled $288.4 million, with over $187 million held in cash, and a book value per share of $4.57
Would this not make this lot a bit small to be handing over £300 million to H & G?
Someone else has been havinga look through the FBR portfolio and says Sports business isn't what they do - nothing else like it...it's basic company stuff etc.
From another site;
of June 30, 2010, FRB shareholders' equity totaled $288.4 million, with over $187 million held in cash, and a book value per share of $4.57
Would this not make this lot a bit small to be handing over £300 million to H & G?
Someone else has been havinga look through the FBR portfolio and says Sports business isn't what they do - nothing else like it...it's basic company stuff etc.
Re: The Countdown to October 6
[quote author=Rosco link=topic=41900.msg1175566#msg1175566 date=1284662770]
[quote author=Hansern link=topic=41900.msg1175564#msg1175564 date=1284662702]
If the yanks refinance, our club is finished and we can say goodbye to Torres and co.
[/quote]
Never mind Torres and Co.
You can say goodbye to LFC
[/quote]
Yep. I just can't see it being true. God, I hope not.
[quote author=Rosco link=topic=41900.msg1175566#msg1175566 date=1284662770]
[quote author=Hansern link=topic=41900.msg1175564#msg1175564 date=1284662702]
If the yanks refinance, our club is finished and we can say goodbye to Torres and co.
[/quote]
Never mind Torres and Co.
You can say goodbye to LFC
[/quote]
Yep. I just can't see it being true. God, I hope not.
Re: The Countdown to October 6
Tom Hicks aims to refinance debts in an effort to remain in control at Liverpool
Liverpool co-owner Tom Hicks will attempt to refinance debts of £237 million with Royal Bank of Scotland in an effort to remain in control at Anfield, Telegraph Sport can disclose.
By Paul Kelso
Published: 7:32PM BST 16 Sep 2010
Paul's Twitter
Deeper in the red: Tom Hicks is considering raising fresh finance to buy out the RBS debt Photo: AP
Hicks flew to London earlier this week and met with Liverpool chairman Martin Broughton and the club management team on Wednesday. He is understood to have told them that raising fresh finance to buy out the RBS debt is one a number of options he is considering ahead of the Oct 6 refinancing deadline set by the bank.
It is unclear whether Hicks is yet in a position to buy out the RBS loans, incurred in the acquisition of the club in 2007.
Such a move would undoubtedly prove unpopular with supporters hopeful that Oct 6 would see the bank call time on owners who have become deeply unwelcome on Merseyside.
Perhaps significantly Gillett has not been part of the talks in London this week and his precise role in the negotiations remains uncertain. His position may be complicated by the fact that he used his 50 per cent stake in the club as security against borrowings he made in order to meet RBS’s demand for personal guarantees in a previous refinancing round in 2008.
Were Hicks to be successful in raising the money to buy out RBS, Broughton and his colleagues on the club board would have to decide whether to attempt to block the deal.
Broughton, managing director Christian Purslow and commercial director Ian Ayre blocked the American’s last attempt to refinance in June. They did so only having taken legal advice from Slaughter & May that they were able to do so.
Company law requires directors to act in the best interests of the shareholders - in this case Hicks and Gillett - but in some circumstances they can over-ride those concerns if it is deemed to be in the company’s interests.
If Hicks returns with a refinancing deal before Oct 6 they will face the same choice. Broughton is understood to have told Hicks on Wednesday that the board remain open-minded and will listen to any proposal he places before it.
Broughton, who was appointed in April as a condition of RBS extending the financing to the Americans for six months, has made it clear that he considers the sale of the club to an owner who removes the club’s debt and allows investment in a new stadium to be the best deal for Liverpool’s future.
The absence of any buyers willing to meet Hicks’ and Gillett’s valuation has placed RBS in a deeply uncomfortable position, and despite pressure from supporters there appears to be little appetite within the bank to force the American’s into default.
Bank sources have told Telegraph Sport that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required.
They have also suggested that they will take a “more active†role in the sales process, though with just three weeks until the refinancing deadline and a shortage of interested parties that appears to be positioning ahead of a deeply sensitive period.
While RBS has moved the loans to its “bad bankâ€, the global restructuring group, Hicks has consistently maintained that Liverpool is a growing and increasingly profitable company rather than a distressed asset.
His pursuit of a potential refinancing deal indicates his determination to remain involved and recognise value from the club.
Tom Hicks aims to refinance debts in an effort to remain in control at Liverpool
Liverpool co-owner Tom Hicks will attempt to refinance debts of £237 million with Royal Bank of Scotland in an effort to remain in control at Anfield, Telegraph Sport can disclose.
By Paul Kelso
Published: 7:32PM BST 16 Sep 2010
Paul's Twitter
Deeper in the red: Tom Hicks is considering raising fresh finance to buy out the RBS debt Photo: AP
Hicks flew to London earlier this week and met with Liverpool chairman Martin Broughton and the club management team on Wednesday. He is understood to have told them that raising fresh finance to buy out the RBS debt is one a number of options he is considering ahead of the Oct 6 refinancing deadline set by the bank.
It is unclear whether Hicks is yet in a position to buy out the RBS loans, incurred in the acquisition of the club in 2007.
Such a move would undoubtedly prove unpopular with supporters hopeful that Oct 6 would see the bank call time on owners who have become deeply unwelcome on Merseyside.
Perhaps significantly Gillett has not been part of the talks in London this week and his precise role in the negotiations remains uncertain. His position may be complicated by the fact that he used his 50 per cent stake in the club as security against borrowings he made in order to meet RBS’s demand for personal guarantees in a previous refinancing round in 2008.
Were Hicks to be successful in raising the money to buy out RBS, Broughton and his colleagues on the club board would have to decide whether to attempt to block the deal.
Broughton, managing director Christian Purslow and commercial director Ian Ayre blocked the American’s last attempt to refinance in June. They did so only having taken legal advice from Slaughter & May that they were able to do so.
Company law requires directors to act in the best interests of the shareholders - in this case Hicks and Gillett - but in some circumstances they can over-ride those concerns if it is deemed to be in the company’s interests.
If Hicks returns with a refinancing deal before Oct 6 they will face the same choice. Broughton is understood to have told Hicks on Wednesday that the board remain open-minded and will listen to any proposal he places before it.
Broughton, who was appointed in April as a condition of RBS extending the financing to the Americans for six months, has made it clear that he considers the sale of the club to an owner who removes the club’s debt and allows investment in a new stadium to be the best deal for Liverpool’s future.
The absence of any buyers willing to meet Hicks’ and Gillett’s valuation has placed RBS in a deeply uncomfortable position, and despite pressure from supporters there appears to be little appetite within the bank to force the American’s into default.
Bank sources have told Telegraph Sport that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required.
They have also suggested that they will take a “more active†role in the sales process, though with just three weeks until the refinancing deadline and a shortage of interested parties that appears to be positioning ahead of a deeply sensitive period.
While RBS has moved the loans to its “bad bankâ€, the global restructuring group, Hicks has consistently maintained that Liverpool is a growing and increasingly profitable company rather than a distressed asset.
His pursuit of a potential refinancing deal indicates his determination to remain involved and recognise value from the club.
Re: The Countdown to October 6
WTF??!? This thread was only 12 letters long when I last looked. Has someone been flicking the merge button like a ripe clitoris?
WTF??!? This thread was only 12 letters long when I last looked. Has someone been flicking the merge button like a ripe clitoris?
Re: The Countdown to October 6
[quote author=Hansern link=topic=41900.msg1175590#msg1175590 date=1284663793]
From Jim Boardman, he usually knows his stuff:
Is tonight's rumour about refinancing the one that mentions FBR Capital? They were mentioned mid-August as part of a June refinance attempt.
[/quote]
Who's Jim Boardman?
[quote author=Hansern link=topic=41900.msg1175590#msg1175590 date=1284663793]
From Jim Boardman, he usually knows his stuff:
Is tonight's rumour about refinancing the one that mentions FBR Capital? They were mentioned mid-August as part of a June refinance attempt.
[/quote]
Who's Jim Boardman?
Re: The Countdown to October 6
[size=50pt]"There's been a murger"[/size]
[size=50pt]"There's been a murger"[/size]
Re: The Countdown to October 6
An attempt by the Yanks to get potential investors to come out of the shadows perhaps?
An attempt by the Yanks to get potential investors to come out of the shadows perhaps?
Re: The Countdown to October 6
[quote author=Wilko link=topic=41900.msg1175604#msg1175604 date=1284664172]
[quote author=Hansern link=topic=41900.msg1175590#msg1175590 date=1284663793]
From Jim Boardman, he usually knows his stuff:
Is tonight's rumour about refinancing the one that mentions FBR Capital? They were mentioned mid-August as part of a June refinance attempt.
[/quote]
Who's Jim Boardman?
[/quote]
Stan's brother.
I really hope this refinancing story is a load of bollocks. Those 2 cunts are just dragging the club down.
[quote author=Wilko link=topic=41900.msg1175604#msg1175604 date=1284664172]
[quote author=Hansern link=topic=41900.msg1175590#msg1175590 date=1284663793]
From Jim Boardman, he usually knows his stuff:
Is tonight's rumour about refinancing the one that mentions FBR Capital? They were mentioned mid-August as part of a June refinance attempt.
[/quote]
Who's Jim Boardman?
[/quote]
Stan's brother.
I really hope this refinancing story is a load of bollocks. Those 2 cunts are just dragging the club down.
Re: The Countdown to October 6
From RAWK;
Hi All,
Here is the text of an email that I have just received from David Maddock. Hicks is out to get full control at Anfield
Hi faith,
You were right about hicks going to fbr. Apparently gillett has defaulted on a loan in u.s. Which uses lfc as collateral, and so his stake could be taken off him. Hicks trying to buy credit note and refinance to take full control - very messy!
From RAWK;
Hi All,
Here is the text of an email that I have just received from David Maddock. Hicks is out to get full control at Anfield
Hi faith,
You were right about hicks going to fbr. Apparently gillett has defaulted on a loan in u.s. Which uses lfc as collateral, and so his stake could be taken off him. Hicks trying to buy credit note and refinance to take full control - very messy!
Re: The Countdown to October 6
[quote author=Hansern link=topic=41900.msg1175881#msg1175881 date=1284670174]
From RAWK;
Hi All,
Here is the text of an email that I have just received from David Maddock. Hicks is out to get full control at Anfield
Hi faith,
You were right about hicks going to fbr. Apparently gillett has defaulted on a loan in u.s. Which uses lfc as collateral, and so his stake could be taken off him. Hicks trying to buy credit note and refinance to take full control - very messy!
[/quote]
And Broughton, Ayre and Purslow will all vote for this?
[quote author=Hansern link=topic=41900.msg1175881#msg1175881 date=1284670174]
From RAWK;
Hi All,
Here is the text of an email that I have just received from David Maddock. Hicks is out to get full control at Anfield
Hi faith,
You were right about hicks going to fbr. Apparently gillett has defaulted on a loan in u.s. Which uses lfc as collateral, and so his stake could be taken off him. Hicks trying to buy credit note and refinance to take full control - very messy!
[/quote]
And Broughton, Ayre and Purslow will all vote for this?
Re: The Countdown to October 6
.
.
Re: The Countdown to October 6
Tom Hicks has launched a last?ditch attempt to retain control of Liverpool by looking to secure another refinancing deal against the club during talks with bankers in London.
Hicks and fellow Liverpool co-owner, George 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, believed to owe approximately £280m under the terms of their arrangement with the bank in April, the Texan businessman has not given up hope of extending his controversial reign. Hicks has discussed refinancing options with, among others, the investment bank FBI Capital Markets.
Liverpool would face further damaging interest repayments should Hicks succeed in preventing the 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 opposed his attempts to remain at the helm.
It is understood Hicks is operating alone on this latest refinancing package, with Gillett struggling to repay a previous loan taken out against Liverpool. Broughton has yet to find a buyer for the club five months after his appointment as chairman with that specific brief.
http://www.guardian.co.uk/football/2010/sep/16/tom-hicks-george-gillett-liverpool
Tom Hicks has launched a last?ditch attempt to retain control of Liverpool by looking to secure another refinancing deal against the club during talks with bankers in London.
Hicks and fellow Liverpool co-owner, George 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, believed to owe approximately £280m under the terms of their arrangement with the bank in April, the Texan businessman has not given up hope of extending his controversial reign. Hicks has discussed refinancing options with, among others, the investment bank FBI Capital Markets.
Liverpool would face further damaging interest repayments should Hicks succeed in preventing the 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 opposed his attempts to remain at the helm.
It is understood Hicks is operating alone on this latest refinancing package, with Gillett struggling to repay a previous loan taken out against Liverpool. Broughton has yet to find a buyer for the club five months after his appointment as chairman with that specific brief.
http://www.guardian.co.uk/football/2010/sep/16/tom-hicks-george-gillett-liverpool
Re: The Countdown to October 6
This is the worst part..
Time to do a run on the Bank.
"Bank sources have told Telegraph Sport that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required."
This is the worst part..
Time to do a run on the Bank.
"Bank sources have told Telegraph Sport that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required."
Re: The Countdown to October 6
George Gillett’s reign at Liverpool is on the verge of ending - with Tom Hicks ready to launch a bid to seize control of the club.
Gillett has been battling financial problems in America and is facing a deadline next month from Royal Bank of Scotland on a £75million loan set against his 50 per cent stake in Liverpool.
As the American’s financial empire continues to struggle, his partner Tom Hicks is desperately trying to take control - by forcing through a refinancing package at Anfield.
That will outrage the club’s disillusioned fans, who turned out in disappointing numbers last night for the Europa League game against Steaua Bucharest.
Click here to find out more!
Hicks is even thought to have already approached several American banks - one of which is FBR Capital Markets, which has offices in Washington and London - to try to raise enough capital to buy Gillett’s credit note and pay off the Royal Bank of Scotland debt of around £230million.
Gillett borrowed the £75million from U.S. Hedge Fund Mill Financial, an arm of Springfield Financial Co, back in 2008, when he and Hicks were forced to reduce their debt placed on Liverpool by lenders RBS.
The Colorado-based businessmen extended that loan at the end of 2008, but when the company called it in earlier this summer, he was unable to find the funds to repay them, and sources say he may have no option but to default.
That leaves the prospect of his 50 per cent in the club being taken as collateral, a situation that leaves him powerless to resist the sale of his shares.
But Hicks is now desperately trying to find the finance to take full control of the club by buying his partner’s debt note from Mill Financial, giving him sole ownership.
The Texan has held a series of meetings in London - one of which was with the Reds board - as the October 11 deadline approaches when the RBS demand repayment of a sizeable chunk of their £280 million debt.
He has already failed in one attempt to gain control, back in June, when the Anfield board members Christian Purslow and Ian Ayre blocked their plans.
Now Hicks is trying to bypass the board, where he is outnumbered, to take out a new refinancing package, which would allow him to keep control of the club.
Hicks is concerned that he can not find a buyer at the price he needs to make a profit on his purchase of Liverpool, and refinancing would give him more time to sell.
But that would incense Liverpool fans, who are desperate to force him and Gillett out of the club, and are now busy lobbying the RBS and other financial institutions, in an attempt to persuade them not to extend any more credit.
The Americans’ debts on Liverpool currently stand at in excess of £350million, with interest of £20million in August alone running up on their account with the RBS, and they would need to sell at above £40million to even break even on their investment.
That is why Hicks is so feverishly looking to salvage the situation, even as Gillett finally seems to have accepted his tenure at Anfield is over, by preparing to default.
It is a critical time for Liverpool, with their lenders the RBS setting an early October deadline for the situation to be resolved.
If Hicks can’t find new backing in the next fortnight, then he is likely to be left in a position where he will also need to default - on the loan to the RBS – and that would see the ownership of the club finally change hands.
But if he does get a refinancing package from FBR or any other financial institution, then Liverpool fans are set to stage mass protests and walks outs at the club, with a boycott also planned
http://www.mirrorfootball.co.uk/news/Liverpool-co-owner-George-Gillett-is-reportedly-close-to-leaving-Anfield-as-Tom-Hicks-battles-for-full-control-article581825.html
George Gillett’s reign at Liverpool is on the verge of ending - with Tom Hicks ready to launch a bid to seize control of the club.
Gillett has been battling financial problems in America and is facing a deadline next month from Royal Bank of Scotland on a £75million loan set against his 50 per cent stake in Liverpool.
As the American’s financial empire continues to struggle, his partner Tom Hicks is desperately trying to take control - by forcing through a refinancing package at Anfield.
That will outrage the club’s disillusioned fans, who turned out in disappointing numbers last night for the Europa League game against Steaua Bucharest.
Click here to find out more!
Hicks is even thought to have already approached several American banks - one of which is FBR Capital Markets, which has offices in Washington and London - to try to raise enough capital to buy Gillett’s credit note and pay off the Royal Bank of Scotland debt of around £230million.
Gillett borrowed the £75million from U.S. Hedge Fund Mill Financial, an arm of Springfield Financial Co, back in 2008, when he and Hicks were forced to reduce their debt placed on Liverpool by lenders RBS.
The Colorado-based businessmen extended that loan at the end of 2008, but when the company called it in earlier this summer, he was unable to find the funds to repay them, and sources say he may have no option but to default.
That leaves the prospect of his 50 per cent in the club being taken as collateral, a situation that leaves him powerless to resist the sale of his shares.
But Hicks is now desperately trying to find the finance to take full control of the club by buying his partner’s debt note from Mill Financial, giving him sole ownership.
The Texan has held a series of meetings in London - one of which was with the Reds board - as the October 11 deadline approaches when the RBS demand repayment of a sizeable chunk of their £280 million debt.
He has already failed in one attempt to gain control, back in June, when the Anfield board members Christian Purslow and Ian Ayre blocked their plans.
Now Hicks is trying to bypass the board, where he is outnumbered, to take out a new refinancing package, which would allow him to keep control of the club.
Hicks is concerned that he can not find a buyer at the price he needs to make a profit on his purchase of Liverpool, and refinancing would give him more time to sell.
But that would incense Liverpool fans, who are desperate to force him and Gillett out of the club, and are now busy lobbying the RBS and other financial institutions, in an attempt to persuade them not to extend any more credit.
The Americans’ debts on Liverpool currently stand at in excess of £350million, with interest of £20million in August alone running up on their account with the RBS, and they would need to sell at above £40million to even break even on their investment.
That is why Hicks is so feverishly looking to salvage the situation, even as Gillett finally seems to have accepted his tenure at Anfield is over, by preparing to default.
It is a critical time for Liverpool, with their lenders the RBS setting an early October deadline for the situation to be resolved.
If Hicks can’t find new backing in the next fortnight, then he is likely to be left in a position where he will also need to default - on the loan to the RBS – and that would see the ownership of the club finally change hands.
But if he does get a refinancing package from FBR or any other financial institution, then Liverpool fans are set to stage mass protests and walks outs at the club, with a boycott also planned
http://www.mirrorfootball.co.uk/news/Liverpool-co-owner-George-Gillett-is-reportedly-close-to-leaving-Anfield-as-Tom-Hicks-battles-for-full-control-article581825.html
Re: The Countdown to October 6
More of that Telegraph article.... It really is grim. I wish I hadn't just read that after the game, the fact he is fighting is no surprise the fact that nobody seems to mind makes me think that their are in fact fuck all buyers in the wings waiting for a deal. Nightmare.
Liverpool co-owner Tom Hicks will attempt to refinance debts of £237 million with Royal Bank of Scotland in an effort to remain in control at Anfield, Telegraph Sport can disclose.
Hicks met with Liverpool chairman Martin Broughton in London on Wednesday and is understood to have told him that raising fresh finance to buy out the RBS debt is one a number of options he is considering ahead of the Oct 6 refinancing deadline set by the bank.
Hicks’s discussions Broughton took place with the position of co-owner George Gillett uncertain following suggestions that he may default on a loan secured against his 50% stake in the club.
Sources close to the club said Gillett is close to default on a $75m loan originally raised in 2008 to provide him with personal guarantees demanded by RBS in a previous round of refinancing.
Gillett secured the loan in 2008 from Mill Financial, an investment house based in Virginia, with his Liverpool stake offered as security. Last night it was unclear what the implications would be and it remains to be seen if the apparent breach will result in Gillett losing control of his stake. He could not be reached for comment last night.
Were Gillett’s half of the club to revert to his financiers it would further complicate the situation as Broughton and RBS attempt to find a solution to the current impasse.
While Hicks is not thought to have met with RBS during his UK visit the bank is considering extending its financing to the American’s in order to provide Broughton with more time to secure a buyer for the club.
Bank sources have told the Daily Telegraph that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required.
Were Hicks to be successful in raising the money to buy out RBS, Broughton and his colleagues on the club board would have to decide whether to attempt to block the deal.
Broughton, managing director Christian Purslow and commercial director Ian Ayre blocked the American’s last attempt to refinance in June. They did so only having taken legal advice from Slaughter & May that they were able to do so.
Company law requires directors to act in the best interests of the shareholders - in this case Hicks and Gillett - but in some circumstances they can over-ride those concerns if it is deemed to be in the company’s interests.
If Hicks returns with a refinancing deal before Oct 6 they will face the same choice. Broughton is understood to have told Hicks on Wednesday that the board remain open-minded and will listen to any proposal he places before it.
Broughton, who was appointed in April as a condition of RBS extending the financing to the Americans for six months, has made it clear that he considers the sale of the club to an owner who removes the club’s debt and allows investment in a new stadium to be the best deal for Liverpool’s future.
The absence of any buyers willing to meet Hicks’ and Gillett’s valuation has placed RBS in a deeply uncomfortable position, and despite pressure from supporters there appears to be little appetite within the bank to force the American’s into default.
While RBS has moved the loans to its “bad bankâ€, the global restructuring group, Hicks has consistently maintained that Liverpool is a growing and increasingly profitable company rather than a distressed asset.
His pursuit of a potential refinancing deal indicates his determination to remain involved and recognise value from the club.
More of that Telegraph article.... It really is grim. I wish I hadn't just read that after the game, the fact he is fighting is no surprise the fact that nobody seems to mind makes me think that their are in fact fuck all buyers in the wings waiting for a deal. Nightmare.
Liverpool co-owner Tom Hicks will attempt to refinance debts of £237 million with Royal Bank of Scotland in an effort to remain in control at Anfield, Telegraph Sport can disclose.
Hicks met with Liverpool chairman Martin Broughton in London on Wednesday and is understood to have told him that raising fresh finance to buy out the RBS debt is one a number of options he is considering ahead of the Oct 6 refinancing deadline set by the bank.
Hicks’s discussions Broughton took place with the position of co-owner George Gillett uncertain following suggestions that he may default on a loan secured against his 50% stake in the club.
Sources close to the club said Gillett is close to default on a $75m loan originally raised in 2008 to provide him with personal guarantees demanded by RBS in a previous round of refinancing.
Gillett secured the loan in 2008 from Mill Financial, an investment house based in Virginia, with his Liverpool stake offered as security. Last night it was unclear what the implications would be and it remains to be seen if the apparent breach will result in Gillett losing control of his stake. He could not be reached for comment last night.
Were Gillett’s half of the club to revert to his financiers it would further complicate the situation as Broughton and RBS attempt to find a solution to the current impasse.
While Hicks is not thought to have met with RBS during his UK visit the bank is considering extending its financing to the American’s in order to provide Broughton with more time to secure a buyer for the club.
Bank sources have told the Daily Telegraph that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required.
Were Hicks to be successful in raising the money to buy out RBS, Broughton and his colleagues on the club board would have to decide whether to attempt to block the deal.
Broughton, managing director Christian Purslow and commercial director Ian Ayre blocked the American’s last attempt to refinance in June. They did so only having taken legal advice from Slaughter & May that they were able to do so.
Company law requires directors to act in the best interests of the shareholders - in this case Hicks and Gillett - but in some circumstances they can over-ride those concerns if it is deemed to be in the company’s interests.
If Hicks returns with a refinancing deal before Oct 6 they will face the same choice. Broughton is understood to have told Hicks on Wednesday that the board remain open-minded and will listen to any proposal he places before it.
Broughton, who was appointed in April as a condition of RBS extending the financing to the Americans for six months, has made it clear that he considers the sale of the club to an owner who removes the club’s debt and allows investment in a new stadium to be the best deal for Liverpool’s future.
The absence of any buyers willing to meet Hicks’ and Gillett’s valuation has placed RBS in a deeply uncomfortable position, and despite pressure from supporters there appears to be little appetite within the bank to force the American’s into default.
While RBS has moved the loans to its “bad bankâ€, the global restructuring group, Hicks has consistently maintained that Liverpool is a growing and increasingly profitable company rather than a distressed asset.
His pursuit of a potential refinancing deal indicates his determination to remain involved and recognise value from the club.
Re: The Countdown to October 6
I think Hicks is turtle's heading it.
I think Hicks is turtle's heading it.
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