Liverpool Reject Hicks Refinancing Proposal

Liverpool have rejected a
proposed refinancing strategy
from co-owner Tom Hicks that
could have given the American
increased control at Anfield.
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Liverpool chairman Martin
Broughton turned down Tom
Hick's proposal.
Hicks personally delivered his
proposal direct to the Liverpool
board in a showdown meeting
ahead of the club's Europa
League tie, and was told that his
plans were not acceptable.
In fact, Hicks was left in no doubt
of the board's resolve to find
new owners and end his
turbulent reign - alongside fellow
American George Gillett - at the
Premier League giants.
Hicks wants to buy out the £237
million Royal Bank of Scotland
debt which is threatening to end
his joint ownership of the club
when the facility expires on
deadline of October 6. He is
hoping to raise funds from US
banks to raise the funds to buy
out RBS, possibly using the
players and stadium as collateral.
Hicks has moved to thwart the
possibility of RBS temporarily
taking control of Liverpool and
selling it off at a rock bottom
price, far less than Hicks and
Gillett believed it to be worth
when they originally put the club
up for sale at £800 million a year
ago.
The price has since plummeted
and might now be worth as little
as £150 million. With no
creditable buyer yet in public
sight, Hicks is trying desperately
to retain control, if not total
control, and hold out in the hope
of finding someone who will pay
more later.
The Liverpool board are having
none of that, believing an
extension of the Hicks and Gillett
ownership, even if it reverts to
Hicks, would only prolong the
financial misery.