Gillett NHL sale could ease Reds troubles

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Liverpool co-owner George Gillett will sell his 80% share in NHL ice hockey club Montreal Canadiens, which could help easy the financial troubles at Anfield.

He and business partner Tom Hicks have until 24th July to repay the £350million they owe to the Royal Bank of Scotland and Wachovia.

But Gillett’s selling of one of his biggest US assets could be a sign he is looking to take Liverpool out of their financial trouble after failed promises and loss of reputation on Merseyside.

It is understood Gillett is selling up for £332.9m, whilst Hicks is also believed to be looking to sell his US assets which include Baseball team the Texas Rangers and ice hockey side Dallas Stars.

The Telegraph reports:

While Hicks and Gillett have been seeking other investors for Liverpool, they have so far come back empty-handed, meaning funds from a sale of the Canadiens could be needed to help cover upcoming payments.

Earlier this month it was revealed that Liverpool FC’s parent company, Kop Holdings, lost £42.6million in the year ending August 2008 and are currently paying £36.5million a year in interest on the loan used to purchase the club in February 2007.

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