Hicks & Gillett hit back at Reds’ financial crisis

5 June 2009
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Liverpool co-owners Tom Hicks and George Gillett say the Reds are actually in a better position in terms of their debts than the other three Premier League ‘œtop four’ clubs, according to a report in the Liverpool Echo this afternoon.

Last night news broke that Hicks and Gillett had suffered losses of £42.6million in the year ending August 2008, largely on payments on the interest of the loan they took out with the Royal Bank of Scotland to purchase the club in February 2007.

The Echo says the American tycoons have dismissed claims that the club’s future is of great concern as simply ‘œaccountancy speak’.

The newspaper also quotes a source at the club as saying that plans for the new stadium on Stanley Park will still be followed through.

“We would not have spent £18m on the planning process and a huge feasibility study if we were not fully behind this project.”

“Because of the potential that the stadium offers, work will begin once the global market opens again.”

Hicks and Gillett have until July 24th to refinance the £350million of debt Liverpool FC’s parent company, Kop Holdings has accumulated.



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