Finally, a Premier League club has shown how to negotiate the choppy financial waters of the Premier League ? none other than our neighbours from over the Park.
Yes they are in financial difficulties, Yes they cannot repay the 16% interest being charged ? but all this is going to change. When the loans run out in October, RBS will have full control, they can assume control of LFC and flog it (presumably at a price sufficient to payback the £280m loans) or they can impose a sale price on Hicks and Gillet above which they will have to sell.
So, Hicks and Gillet will make a huge loss, will have put the club into debt etc etc, but after all this, when a buyer arrives, the club will be entirely debt free and will not have been penalised the 10pts for going into administration etc. ...and all of this paid for by you and me, the taxpayer...
Everton, Arsenal, Fulham fans together paying to keep Liverpool Football Club alive ? who'd have thought it eh?
Bill Kenwright ? if you have financial worries mate, this is clearly the way to go...
Rupert Sullivan, Posted 18/09/2010 at 09:28:09
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1 Posted 18/09/2010 at 14:33:48
2 Posted 18/09/2010 at 14:35:05
Scary to think, yes it is that simple. It only gets complicated by self interested parties covering their own backs.
3 Posted 18/09/2010 at 14:40:30
4 Posted 18/09/2010 at 14:41:45
Frankly they are very likely to find a buyer at £280m so taxpayer will be unscathed.
But hopefully it gets sold to a tight get!
C'mon you blues!
5 Posted 18/09/2010 at 16:40:49
Even the story about the Chinese guy taking them over by paying off the debt to the bank was BS. Every business runs on debt / overdraft. So I could walk into Barclays and say how much does Everton owe you? I'll pay that and take control of the company? Or maybe I'll do it with Microsoft? or Virgin?
And one debtor can sell the club without taking into account all or any other debts that the club have?
I don't think the business world works like that.
6 Posted 18/09/2010 at 16:56:29
7 Posted 18/09/2010 at 18:27:15
8 Posted 19/09/2010 at 07:21:42
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