Takeover Tuesday

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Liverpool’s £470million takeover is expected to be officially announced this morning, with a press release to the Stock Exchange expected around 8am stating the club has accepted an offer from businessmen Tom Hicks and George Gillett Jr.

The Independent Newspaper (Tuesday) reports:

Hicks, 60, who owns the NHL’s Dallas Stars and the Texas Rangers baseball franchise, and the 68-year-old Gillet Jnr, owner of the Montreal Canadiens ice hockey team, officially presented their proposals to a Liverpool board meeting at Anfield yesterday where, it is believed, they were given the green light to proceed with the third American takeover of a major Premiership club.

The multimillionaires intend to take a 50-50 ownership of Liverpool, thereby restricting the amount of debt on the club’s books, and will initially pay £88m for the 51.6 per cent majority shareholding of the chairman, David Moores. Their offer of £5,000 a share will then extend to all remaining shareholders, increasing their outlay on the shareholding to a total of £175m, and their plans will also involve inheriting £80m worth of debt and committing £215m to the construction of a new 60,000-seat stadium just a stone’s throw from Anfield on Stanley Park.

Breakdown of Deal:

Buying out shareholders (incl £80m debt): £255m
New stadium: £215m
TOTAL COST: £470m

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