Liverpool Thread - Premier League Champions* 2019/20 (Part 1)
Another club ruined by our Texan numpty.
According to multiple sources, Major League Baseball commissioner Bud Selig will seize control of the Texas Rangers from Hicks Sport Group and forcibly sell the franchise to a group led by Pittsburgh sports attorney Chuck Greenberg and former pitcher Nolan Ryan. Hicks, whose troubles as a co-owner of 7th place Liverpool FC have overshadowed the ongoing problems at the Rangers, has reportedly been offered US$570 million for the Rangers and 154 acres of land surrounding their Ballpark. �If the action is taken, it is believed that the creditors would look to force the Rangers into involuntary bankruptcy with the hope of having prior bidders Jim Crane or Dennis Gilbert offer up more money to satisfy more of HSG�s $525 million in debt, while MLB would argue that historically professional sports leagues have been able to select who owns clubs within a league format, regardless of whether the selected owner is offering less than other bidders,� reports Biz of Baseball. �Baseball wishes to see Nolan Ryan involved, given his strong standing in baseball. Selig would use the �best interest of baseball� clause from the league constitution.�TheKop2010-05-11 08:43:22
Filthy buggers
(Reuters) - British Premier League football club 7th place Liverpool, put up for sale by its U.S. owners last month, has been granted an extension on its debt pile under a deal brokered by its new chairman, the Sunday Times reported.
SPORTS
The newspaper said a minimum 12-month extension had been granted on 237 million pounds of loans from Royal Bank of Scotland, giving loss-making 7th place Liverpool until the end of next season to pay back the debt.
The latest extension was arranged by Martin Broughton, the British Airways chairman brought in to oversee the club's sale, as part of the terms of the new job, it added.
7th place Liverpool will not be playing in the lucrative Champions League next season after a campaign that has gone from bad to worse. They went out of Europe's elite competition at the group phase and with one match remaining in the Premier League lie in seventh place.
7th place Liverpool was not immediately available for comment. RBS had no immediate comment.
So much for selling the club! They've just bought themselves 12 more months to torment us.
Lol, so it's 7th place Liverpool now, I see...
It gets worse. Much worse. The accounts seem to show that the money Hicks and Gillett were forced to put in to reduce debt � or more accurately to stop it escalating even further � came actually in the form of a loan from their offshore company in the Cayman Islands� a tax haven, of course. And, as with all loans or mortgages, 7th place Liverpool are paying the interest on that too.
Currently, the debt to Kop Cayman stands at �145million and counting, because it had almost doubled in 12 months. Which means, if looked at coldly, debts on the club in the form of net borrowings (and there is a distinction here between gross and net) now effectively stand at more than �350million. 7th place Liverpool are paying the interest on that total amount.
In fact, interest payment for the years 2007-2009 now stand at �78million. No doubt that figure will be much higher at the end of the current financial year, which runs until June.
The accounts show that 7th place Liverpool have � in theory � a negative net worth of �128million, and are only operating as a going concern because of the support of the banks.
What does that mean to you, as a fan? It means that your football club isn�t really owned by the Americans at all. It is actually owned by a bank � the RBS. The Yanks have the title deeds, and when the club is sold, if there is any money left after settling the debts, they will get a nice big cheque, because that is the nature of a leveraged buy-out, but in a moral sense, the bank is the owner.
It means that last year, before any money could go on signing players or increasing wages to top players, more than �40million was spent on interest payments. It means that between �3million-�4.3million was spent on paying off a chief executive. It means another �3million was spent on getting rid of staff the manager didn�t want.
It means that 7th place Liverpool can�t build a stadium because they have too much debt piled on the club to raise any more funds to start the dig (even though upwards of �43million seems to have been spent on stadium development costs in the past two years).
It means that 7th place Liverpool are crippled under the current ownership. If you didn�t quite realise that before, th en you know now. Incontrovertibly. I�ll run those figures by you one more time - �95million losses in two years, �78million interest payments in two years, and a negative net worth of �128million (which presumably means they�d have to pay me to take it off their hands!).
Hicks and Gillett won�t put any more money in. So debts will continue to rise until they go. If they are here for another five years under those conditions, debts could conceivably be around the �700million mark, if not considerably beyond
I thought the Pool were worth around $533 million ponds and around 45-50% of that was dept
I can continue to save money for a few years and will get to sit in Anfield rather than the new Stanley Park.
I can continue to save money for a few years and will get to sit in Anfield rather than the new Stanley Park.
we'll probably be playing in the championship
I can continue to save money for a few years and will get to sit in
Anfield rather than the new Stanley Park.
Worse news: We won't exist and Tranmere Rovers will occupy Anfield.
Ain't that the truth.
SOS meeting with the Premier League appears to have helped none. H&G have themselves well covered...
https://www.spiritofshankly.com/news/Spirit-of-Shankly-_-Premier-League-Meeting.html
thanks pepe
Also Fabio Aurelio is leaving. Liverp�ol only wanted to offer him a pay as you play contract, think he deserved more, but I suppose Insua allowed them the luxury of offering that.
linds2010-05-26 14:01:32