The Royal Bank of Scotland will refinance the money that Liverpool Football Club owes it so that the deal goes beyond the July 24th deadline currently in place.
As it stands, Â£350million needs to be paid back to the RBS and Wachovia in late-July, but it is now understood that the RBS will grant an extensions so long as significant payments are made on the loan in the rest of 2009.
The news comes just days after Liverpool co-owner George Gillett sold his 80% stake in the Montreal Canadiens ice hockey team for around Â£332million. It is speculated that Gillett will use the money raised through selling the NHL club to help Liverpool’s financial woes.
Wachovia, the other bank that has lent money to make up the Â£350million owed, has yet to make an agreement with Tom Hicks and Gillett.