MPs aim to block owner’s loan extension

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A group of Merseyside based MPs are set to put pressure on the Royal Bank of Scotland not to allow an extension on the £350million loan Tom Hicks and George Gillett have, used to finance the purchase of Liverpool Football Club 18 months ago.

The loan is due in January 2009, and it is understood that the co-owners must get the loan extended or face selling the club.

The MPs, lead by Peter Kilfoyle of Walton, hope that they can put enough pressure on the Royal Bank of Scotland not to grant the Americans the extension, forcing them into sale. Further hope that their efforts may succeed come from the bank’s part-nationalisation last week.

They hope a forced sale will speed up the stadium plans which continue to be delayed due to the American owner’s financing problems.