Re: Club Refinance Thread
[quote author=Wilko link=topic=41783.msg1189214#msg1189214 date=1286296979]
[quote author=the count link=topic=41783.msg1189157#msg1189157 date=1286292832]
Canadian Group Shelves Plan to Purchase Liverpool Over Valuation, Debts
By Tariq Panja - Oct 5, 2010 3:34 PM GMT
A Canada-based Syrian investor says his group shelved plans to acquire Liverpool after failing to agree on a price with the 18-time English soccer champion’s owners and amid uncertainty over its debt.
Yahya Kirdi, who says he’s leading a Gulf-based group, said the club’s three English directors are divided from American co- owners George Gillett and Tom Hicks. In June the board blocked an attempt by Hicks to refinance parent company Kop Football (Holdings) Ltd.’s 237 million-pound ($376 million) debt, which has grown to about 280 million pounds because of penalty fees.
“Right now is not the time for me and my group to enter into any negotiations,†Kirdi said in a telephone interview. “Once everyone is united and there’s logic in the price and the overall deal, me and my group will be prepared to return to the table.â€
Most of the debt is owned by Royal Bank of Scotland Group Plc and is scheduled to mature later this month. That gives prospective buyers days to reach a deal with Barclays Capital, the adviser appointed by Gillett and Hicks in April to handle the sale. The board plans to meet tomorrow. Hicks said the team, which cost 219 million pounds including debt in 2007, is worth as much as 800 million pounds.
If the club isn’t sold, and RBS doesn’t give the team’s owners an extension, Liverpool may end up being run by the government-owned lender. The bank hasn’t detailed what its plans are should the debt be unpaid when it matures.
Public Interest
Kirdi and Hong Kong-based QSL Sports Ltd. were the only two groups that went public with their interest. Indian conglomerate Sahara said in August it looked at a bid but won’t make an offer for the time being. QSL has also withdrawn.
Kirdi, a one-time pizza-business operator, said he understood why his refusal to name his backers has provoked some Liverpool supporters into questioning his seriousness. Gillett’s son Foster is a friend of Kirdi. One fan website said the Syrian’s interest was “the joke bid.â€
“I’m a serious man,†he said. “I’m not playing but my group said they didn’t want to go public because we haven’t done the deal.â€
Liverpool, which is in the bottom three of the Premier League after suffering its worst league start for more than half a century, needs “millions and millions†to be spent on rebuilding the team if it’s to start winning titles again, Kirdi said.
Worst Start
He said potential buyers would probably want RBS to defer much of the repayment of the loan as a condition of buying the team.
“That would allow investment in the team and work on the new stadium to begin,†he said.
Soccer is hugely popular in the Middle East. Qatar is bidding to become the region’s first World Cup host in 2022 and Sheikh Mansour bin Zayed Al Nahyan, a member of the Abu Dhabi ruling family, has pumped more than 500 million pounds into Manchester City since buying the team in 2008.
“Football is like drinking water: It’s in the blood in the Gulf,†Kirdi said. “I’m sure if Liverpool was bought by someone from the Middle East they would be like Sheikh Mansour and focus on it 24 hours a day.â€
http://www.bloomberg.com/news/2010-10-05/canadian-group-shelves-plan-to-purchase-liverpool-over-valuation-debts.html
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"Me and my group"? Good riddance to the thicko.
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Yes, my thoughts - investors don't talk like this..!
