Normal Service will be Resumed

But maybe (or probably?) one important part of our problems is here... Rafa has his part of responsability, the players too, H & G too. But looking closer, Ricky could be the answer.

Trouble hits Liverpool FC owner’s plans for huge loan

Jan 22 2008 by Tony Barrett, Liverpool Echo

CONTROVERSIAL plans by the owners of Liverpool FC to restructure their debt have hit a problem.

City sources said today that the proposed £350m deal with the Royal Bank of Scotland could collapse, and DIC is waiting in the wings to make a move for the club should that happen.

Tom Hicks says the deal is on course, but speculation is growing about George Gillett's ability to secure the loan.

The source said: "There is no doubt that Hicks is ready to put up the money that the RBS has asked for. But the situation may not be the same with Gillett."

The situation is also clouded by the ongoing crisis in the US and Canadian stock markets.

Financial experts now believe a recession is almost inevitable.

With Hicks and Gillett having secured the initial loan to buy Liverpool against assets in American and Canada, their financial position is not as strong today as it was just 24 hours ago.

The source added: "This crash could not have come at a worse time for Hicks and Gillett, there is no question about that.

"Every bank and lending agency will be tightening its belt and RBS maybe more than most because they suffered big losses in yesterday's downturn.

"That means anyone seeking a major loan will have to prove to them that they have the necessary assets to secure it against and Gillett could have a hard time proving this is the case – and that's if he wants to prove it."

Tom Hicks recently promised to have financial restructuring – which would heap around £350m of debt onto the club – completed by the end of last week.

With that deadline now having passed, he is facing a race against time to get it done because the initial one-year loan the duo took out with the RBS to buy the club a year ago expires in a fortnight.

DIC is watching events unfold with interest and, should refinancing not take place, is ready to bid for the club.

Meanwhile, fans’ movement Reclaim The Kop is to ask supporters to boycott RBS and its products should the bank push ahead with the loan to Hicks and Gillett.

jlb21 wrote:

But maybe (or probably?) one important part of our problems is here... Rafa has his part of responsability, the players too, H & G too. But looking closer, Ricky could be the answer.

Rafa has a huge part of the responsibilty but he thinks he has been clever by diverting attention away from the poor performances of the team. He started this whole mess by going public on transfer policy. As he has done before when the fact is he is not up to it.

Get rid of him,Parry and the yanks.

Totaly agree with you.Rafa has a huge responsability too.He never admits when he make a mistake.He is too axed on his rotation.He is looked in his tactical systemes.
He had got a time for winning title.In Premier Lmeague,Since 2004, we don't pogress.How many points have we in delays on united?And in 2005?We dont progress.
I love Rafa but the statictics in premier league are not for him.

P.S:Sorry for my bad english.i try but it's difficult.

This is IMO no victory at all for Moores and Parry they must believe we are really stupid to fail to understand that it doesn't really matter which company the debt is secured against. We all know the reality is that the interest payment will come from the income of LFC, therefore reducing funds for players being made available. Really this just shows the impotency of Morres and Parry and to try and present it as anything else is a vain attempt by Moores and Parry to disassociate themselves. Too late guys the damage is done.


Liverpool FC refinancing deal will go ahead says Tom HicksJan 23 2008




by Tony Barrett, Liverpool Echo




LIVERPOOL co-owner Tom Hicks remains confident the long awaited refinancing deal will be signed, sealed and delivered tomorrow.

Sources close to Hicks told the ECHO that it is now just a matter of ironing out a few minor details with the Royal Bank of Scotland and American investment bank Wachovia, and that the American’s stance that he is not interested in selling the club to DIC has not altered in any way.

As well as privately committing himself to announcing the financial restructuring deal tomorrow, Hicks has informed confidantes he will also reveal finalised plans for the new Anfield at the same time.

“Tom is in no doubt that the deal with RBS and Wachovia is going through and he is looking forward to revealing the new stadium design which is every bit as spectacular as promised,” said one source.



“There are a few minor glitches to be ironed out but nothing major – it’s pretty much just standard procedure for a deal on this scale.”


Should the deal be completed tomorrow it will result in a £350m loan being taken out. But, under the terms on the table, the entire debt will not be taken on by Liverpool.


The ECHO understands the club will take on £105m, Kop Investment, the holding company set up by Hicks and Gillett in the immediate aftermath of last year’s takeover, will take on £190m, with the co-owners having been asked to put up £55m of their own money.


The fact that the loan is being arranged in this way represents a minor victory for David Moores and Rick Parry, who successfully argued with Hicks that the entire debt should not be loaded onto the club.


Moores and Parry, who remain on the Liverpool board, refused to budge from this position and their stance was one of the main reasons why the financial restructuring deal is only now nearing completion.


Had they capitulated, the likelihood is Liverpool would today be saddled with a debt of £350m.


But should the duo be removed from the board for any reason at any point in the future, there would be nothing to stop the entire debt from being shifted onto the club.


If Hicks’ plans come to fruition tomorrow as planned, the next stage of his plans will be the hunt for a further £300m loan to finance the construction of the new stadium.


Meanwhile, Steve Finnan has announced his retirement from international football.


The Reds full back has informed the Republic of Ireland that he will not make himself available for future matches, bringing to an end an international career which brought him 50 caps.


He said: “I’ve thoroughly enjoyed my time in the Republic team, with the World Cup in 2002 being the highlight of my international career.


“But I’ll be 34 when the next tournament comes around so it’s the right time for me to step down.


“There will be a new manager coming in soon who will have his own ideas for the future with younger players having the chance to stake their claim to be in his plans.”


While one Liverpool player’s international career comes to an end, another is just beginning.


Lucas Leiva has been named in the Brazil squad to take on the Republic of Ireland at Dublin’s Croke Park on February 6.

redman75 wrote:

Totaly agree with you.Rafa has a huge responsability too.He never admits when he make a mistake.He is too axed on his rotation.He is looked in his tactical systemes.
He had got a time for winning title.In Premier Lmeague,Since 2004, we don't pogress.How many points have we in delays on united?And in 2005?We dont progress.
I love Rafa but the statictics in premier league are not for him.

P.S:Sorry for my bad english.i try but it's difficult.

Anyone who makes an effort in any other language than their own deserves praise Redman so, Bravo.

redman75 wrote:

He never admits when he make a mistake.

I can understand that. If you want your players to follow your tactics to the end, you must make them believing that you never fail. If, when you order him something, a player begins telling himself "The coach may be wrong.", you have already failed, because he won't do what you want.

Quote :

Sir Alex Ferguson fires salvo at Anfield



Sir Alex Ferguson has accused George Gillett Jr and Tom Hicks, the Liverpool co-owners, of showing a lack of “class” and has condemned their treatment of Rafael BenÍtez.

The Americans will secure their immediate future at Anfield in the next 24 hours by announcing a controversial £350 million refinancing package and revealing their plans for a 70,000-capacity stadium in Stanley Park. But while that is expected to bring stability to their troubled regime, Ferguson, the Manchester United manager, has criticised them for undermining BenÍtez after admitting publicly that they held talks with Jürgen Klinsmann about the Liverpool manager’s job and said that sacking the Spaniard could have a damaging effect on the club.

Ferguson’s criticism came on the day it emerged that BenÍtez has been in contact with the League Managers Association (LMA), which said that it provided “advice, support and encouragement” to the Spaniard.

Speaking in Saudi Arabia, where United have been on a short winter break, Ferguson said: “At big clubs, it’s absolutely paramount that the board show their class. Arsène Wenger has had great support at Arsenal and I’ve had great support, too, ever since I came here. So there’s a certain type of unity there.

“What happened with [Klinsmann] was a bad piece of business on Liverpool’s part, there’s no doubt about that. That sort of thing can be very upsetting for a manager. You should allow a manager to get on with his job.

“One thing for sure is that Rafa has brought in a lot of his players because of Spanish connections. Now if an English manager was to come into Liverpool, that connection is gone. What happens then? That’s definitely an issue.”

Although the refinancing deal will ease some of the pressure that has been building on Hicks and Gillett, Dubai International Capital (DIC), the private-equity arm of the Arab state, remains hopeful that the Americans will be forced to sell the club in the longer term. In a phone poll conducted by the Liverpool Echo yesterday, 92 per cent of the club’s supporters contacted wanted Hicks and Gillett to hand over ownership to DIC.

Although United are also under American ownership, the Glazer family’s takeover – despite fierce opposition from some fans – has run relatively smoothly, with Ferguson insisting that he is allowed to manage without interference. But with the turmoil that has engulfed Liverpool, the United manager believes that the Merseyside club may now find that they struggle to attract leading players.

“The important thing is that big clubs should be seen to be big clubs,” Ferguson said. “Most players want to play for Manchester United, Chelsea, Arsenal or Liverpool, but when they see a club that they think is topsy-turvy, with a divide between the directors and the manager, then they might think twice [about wanting to join them].”

With Liverpool 14 points adrift of United and Arsenal in the Barclays Premier League, Ferguson appeared to echo the sentiments of many Anfield fans when he argued that their title hopes were all but over. “I think Liverpool will be concentrating on trying to win the European Cup rather than the league,” he said.

Richard Bevan, the LMA chief executive, admitted that his organisation had been in contact with the Liverpool manager. “We have provided advice, support and encouragement,” he said. “But obviously we are unable to say any more.” Legal experts have suggested that BenÍtez may have been undermined by the actions of the club’s owners and the LMA offers advice of this nature to its members.

Source : THE TIMES

jlb21 wrote:

Quote :

Sir Alex Ferguson fires salvo at Anfield



Sir Alex Ferguson has accused George Gillett Jr and Tom Hicks, the Liverpool co-owners, of showing a lack of “class” and has condemned their treatment of Rafael BenÍtez.

The Americans will secure their immediate future at Anfield in the next 24 hours by announcing a controversial £350 million refinancing package and revealing their plans for a 70,000-capacity stadium in Stanley Park. But while that is expected to bring stability to their troubled regime, Ferguson, the Manchester United manager, has criticised them for undermining BenÍtez after admitting publicly that they held talks with Jürgen Klinsmann about the Liverpool manager’s job and said that sacking the Spaniard could have a damaging effect on the club.

Ferguson’s criticism came on the day it emerged that BenÍtez has been in contact with the League Managers Association (LMA), which said that it provided “advice, support and encouragement” to the Spaniard.

Speaking in Saudi Arabia, where United have been on a short winter break, Ferguson said: “At big clubs, it’s absolutely paramount that the board show their class. Arsène Wenger has had great support at Arsenal and I’ve had great support, too, ever since I came here. So there’s a certain type of unity there.

“What happened with [Klinsmann] was a bad piece of business on Liverpool’s part, there’s no doubt about that. That sort of thing can be very upsetting for a manager. You should allow a manager to get on with his job.

“One thing for sure is that Rafa has brought in a lot of his players because of Spanish connections. Now if an English manager was to come into Liverpool, that connection is gone. What happens then? That’s definitely an issue.”

Although the refinancing deal will ease some of the pressure that has been building on Hicks and Gillett, Dubai International Capital (DIC), the private-equity arm of the Arab state, remains hopeful that the Americans will be forced to sell the club in the longer term. In a phone poll conducted by the Liverpool Echo yesterday, 92 per cent of the club’s supporters contacted wanted Hicks and Gillett to hand over ownership to DIC.

Although United are also under American ownership, the Glazer family’s takeover – despite fierce opposition from some fans – has run relatively smoothly, with Ferguson insisting that he is allowed to manage without interference. But with the turmoil that has engulfed Liverpool, the United manager believes that the Merseyside club may now find that they struggle to attract leading players.

“The important thing is that big clubs should be seen to be big clubs,” Ferguson said. “Most players want to play for Manchester United, Chelsea, Arsenal or Liverpool, but when they see a club that they think is topsy-turvy, with a divide between the directors and the manager, then they might think twice [about wanting to join them].”

With Liverpool 14 points adrift of United and Arsenal in the Barclays Premier League, Ferguson appeared to echo the sentiments of many Anfield fans when he argued that their title hopes were all but over. “I think Liverpool will be concentrating on trying to win the European Cup rather than the league,” he said.

Richard Bevan, the LMA chief executive, admitted that his organisation had been in contact with the Liverpool manager. “We have provided advice, support and encouragement,” he said. “But obviously we are unable to say any more.” Legal experts have suggested that BenÍtez may have been undermined by the actions of the club’s owners and the LMA offers advice of this nature to its members.

Source : THE TIMES

Don't kid yourself, Ferguson is only trying to undermine Rafa by giving this more publicity

Liverpool is now an international club
By Michael Henderson
Last Updated: 1:39am GMT 24/01/2008



''Lying bastards, get out of our club." As statements go, it has at least the virtue of clarity and brevity. It is also, to use a modern idiom, postcode-conscious, as many football supporters are. ''Our" club; not yours, despite all the money you have, or have not, poured into it.


Ferguson defends Benitez and hits out at Liverpool owners
So now the fans of Liverpool, who welcomed the Americans Tom Hicks and George Gillett a year ago, are clamouring for some even richer men from Dubai to come in and preserve - what? The soul of a great English club?


All change: supporters have lost faith in the club's American owners, Tom Hicks and George Gillett
One would like to think so, as Liverpool have given so much to the game in this country, but the game, in both senses, has moved on.

Traditionally, Liverpool were the best-run of all English clubs. Now they can be bought and sold, like Manchester United before them, though, blessedly, not Arsenal. Not yet. When the Americans come in to run their affairs the ravens will leave the Tower.

At such times there is always hot air, and a warm wind blew through Anfield the other evening.

''The fans want them out, unconditionally," said Kevin Sampson, a spokesman for a group called Reclaim the Kop. ''Unconditional", as in love. As, also in surrender.

We've passed that stage, dear boy, while you weren't looking. When Hicks and Gillett leave, they will do so on their own terms. It's their club, too.

Neither man will feel particularly intimidated by those who would dislodge them. ''Liverpool and its people are the most generous hosts you are going to find anywhere," said spokesman Sampson, ''but cross us and that's that." Yawn. ''Ask Margaret Thatcher." Yawn. ''Ask Kelvin McKenzie. Ask Boris the Buffoon."

He then told the Americans to ''saddle their horses". Yet rich Texans do not take orders from lippy Liverpudlians.

Civic pride has something going for it, though not as much as the Kop reclaimers imagine. Whether decisions are taken in Texas or in Dubai, Liverpool is now an international club. Nothing can change that, however much we would all like to turn back the clock.

Je dois admettre que Ferguson remonte dans mon estime.

En meme temps ca lui fait du bien d'insister la ou ca fait mal chez "l'ennemi"...
Mais bon en meme temps,je me rappelle que Fergie n'avait pas accueuilli Glazer les bras ouverts,loin de la meme.Donc il comprend ce que subit rafa...

Un petit résumé des tenants et des aboutissants de la période actuelle du LFC a été publié sur le site de la BBC: http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7199967.stm
Sous forme de questions-réponses, il est expliqué clairement et simplement le but du prêt pour le refinancement, etc. C'est clair qu'il n'apporte rien de nouveau, mais pour un néophyte comme moi en ce qui concerne le domaine financier, il permet de clarifier un peu les choses.

Avis aux intéressés!

Merci, c'est un petit résumé bien pratique dans cette période pour le moins floue.

Le deal des proprios avec les banques a été conclu! Ils restent donc en place pour une période indéterminée, ce qui met fin aux spécultations de revente à DIC.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7203724.stm

Personnellement ça me fait bien chier!

Rupi wrote:

Le deal des proprios avec les banques a été conclu! Ils restent donc en place pour une période indéterminée, ce qui met fin aux spécultations de revente à DIC.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7203724.stm

Personnellement ça me fait bien chier!

I think it is a little early to say if this affair is over or not?

Rupi wrote:

Le deal des proprios avec les banques a été conclu! Ils restent donc en place pour une période indéterminée, ce qui met fin aux spécultations de revente à DIC.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7203724.stm

Personnellement ça me fait bien chier!

Moi aussi même si DIC ne m'excite pas plus que ça non plus. Ce qui me gêne surtout c'est le fait qu'ils devaient venir avec leurs fonds propres alors qu'ils ont emprunté.
Je suis prêt à mettre un billet sur une revente en 2009; avec le stade déjà en travaux, les Yanks exigeront une somme bien rondelette, et ils pourront se barrer avec la conviction de bien avoir dupé tout le monde.

vince wrote:

Rupi wrote:

Le deal des proprios avec les banques a été conclu! Ils restent donc en place pour une période indéterminée, ce qui met fin aux spécultations de revente à DIC.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7203724.stm

Personnellement ça me fait bien chier!

Moi aussi même si DIC ne m'excite pas plus que ça non plus. Ce qui me gêne surtout c'est le fait qu'ils devaient venir avec leurs fonds propres alors qu'ils ont emprunté.
Je suis prêt à mettre un billet sur une revente en 2009; avec le stade déjà en travaux, les Yanks exigeront une somme bien rondelette, et ils pourront se barrer avec la conviction de bien avoir dupé tout le monde.

You would have to say Vince that if the Yanks don't sell now then the only reason is that as you say when the project is well and truly underway they believe they can make an even bigger profit later on which to be honest is exactly the same goal as DIC. I don't think anyone will be fooled as this is what we all expect. More important is the question of if we would better off during this period under the ownership of DIC or the Yanks. If we compare the track record of them both most people say only complimentary things about DIC whereas the the Yanks come in for a fair amount of criticism. If the yanks stay in charge we could be in for lean period where we will need a manager who can get the most out of his squad without screaming for more money as if this was the only reason we are not competing with the top 4.

Yes both of DIC and the Yanks want the same thing: make profits but when H&G arrived they said the money stack was theirs. Unfortunately, they lied !! They've borrowed from the banks; it's not the same don't you think ?
How can the board trust them after that ashamed lie ?

ps: sorry for my poor english

youknowwho wrote:

Rupi wrote:

Le deal des proprios avec les banques a été conclu! Ils restent donc en place pour une période indéterminée, ce qui met fin aux spécultations de revente à DIC.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7203724.stm

Personnellement ça me fait bien chier!

I think it is a little early to say if this affair is over or not?

Of course, it's too early to say if DIC or another investment's group will come in charge to replace H & G in the future. But in my opinion this ends the speculation about an immediate re-takeover from DIC, which could have been the case if G & H couldn't have provide sufficient guarantee to complete the deal.

vince wrote:

Yes both of DIC and the Yanks want the same thing: make profits but when H&G arrived they said the money stack was theirs. Unfortunately, they lied !! They've borrowed from the banks; it's not the same don't you think ?
How can the board trust them after that ashamed lie ?

That's exactly why I don't trust them anymore and won't for a long long time!

Rupi wrote:

youknowwho wrote:

Rupi wrote:

Le deal des proprios avec les banques a été conclu! Ils restent donc en place pour une période indéterminée, ce qui met fin aux spécultations de revente à DIC.

http://news.bbc.co.uk/sport2/hi/football/teams/l/liverpool/7203724.stm

Personnellement ça me fait bien chier!

I think it is a little early to say if this affair is over or not?

Of course, it's too early to say if DIC or another investment's group will come in charge to replace H & G in the future. But in my opinion this ends the speculation about an immediate re-takeover from DIC, which could have been the case if G & H couldn't have provide sufficient guarantee to complete the deal.

vince wrote:

Yes both of DIC and the Yanks want the same thing: make profits but when H&G arrived they said the money stack was theirs. Unfortunately, they lied !! They've borrowed from the banks; it's not the same don't you think ?
How can the board trust them after that ashamed lie ?

That's exactly why I don't trust them anymore and won't for a long long time!

Sadly this where the real damage has been done as I think most fans are feeling the same way at the moment. Our hopes of continuing as before, the only difference being that out new owners would bankroll our return to success lies in tatters as the reality of the situation dawns on us.

My biggest fear at the moment is that certain parts of our fanbase seem to see Rafa as some sort of innocent victim in this affair( a view I don't share) and could start some sort of negative and misguided campaign that would be inevitably damaging to the club.

Tom Hicks et George Gillett, les propriétaires américains de Liverpool, ont obtenu un prêt de 470 millions d'euros pour renégocier la dette du club. Ce prêt «permettra au club de faire face à tous ses besoins financiers, d'engager le début de la construction du nouveau stade de Stanley Park et d'apporter le capital de fonctionnement indispensable au club et pour de futurs transferts», selon un communiqué du club. Une grosse majorité de la somme sera toutefois allouée au réaménagement de la dette.

Dans son communiqué, Liverpool annonce également avoir choisi le cabinet d'architectes HKS pour le design du nouveau stade, dont l'ouverture est prévue pour août 2011, avec une capacité de 71.000 places. Tom Hicks a par ailleurs assuré vendredi Benitez «du soutien non démenti et enthousiaste» des deux Américains. «Rafa est en contrat pour deux autres saisons après la fin de celle-ci. Je suis fermement derrière Rafa et je suis confiant quant aux perspectives sportives de l'équipe sous sa direction», a assuré Hicks.

source l'equipe

Crouchy wrote:

Tom Hicks et George Gillett, les propriétaires américains de Liverpool, ont obtenu un prêt de 470 millions d'euros pour renégocier la dette du club. Ce prêt «permettra au club de faire face à tous ses besoins financiers, d'engager le début de la construction du nouveau stade de Stanley Park et d'apporter le capital de fonctionnement indispensable au club et pour de futurs transferts», selon un communiqué du club. Une grosse majorité de la somme sera toutefois allouée au réaménagement de la dette.

Dans son communiqué, Liverpool annonce également avoir choisi le cabinet d'architectes HKS pour le design du nouveau stade, dont l'ouverture est prévue pour août 2011, avec une capacité de 71.000 places. Tom Hicks a par ailleurs assuré vendredi Benitez «du soutien non démenti et enthousiaste» des deux Américains. «Rafa est en contrat pour deux autres saisons après la fin de celle-ci. Je suis fermement derrière Rafa et je suis confiant quant aux perspectives sportives de l'équipe sous sa direction», a assuré Hicks.

source l'equipe

Il en fait pas un petit peu trop, là?

il rassure les foules apres certaines rumeurs de boycot

The dreaded vote of confidence, we all know what usually follows a vote of confidence in your manager.

The TimesJanuary 26, 2008

Rafael Benitez given backing of Liverpool’s bosses at last

James Ducker
Rafael Benítez received the long- awaited public backing of Liverpool’s American owners yesterday as George Gillett Jr and Tom Hicks sought to bring an end to the turmoil that has surrounded their regime.

On a day when Hicks and Gillett secured their immediate future at Liverpool by formally announcing a £350 million refinancing package and revealing fresh designs for the club’s new stadium, the vote of confidence afforded Benítez was perhaps the most significant development of all, although it has done little to quell the belief that the manager has no long-term future under the Americans.

Nor is such a charm offensive likely to be enough to win back the goodwill of supporters that has been lost during a turbulent eight-week period in which the Americans attracted fierce criticism for admitting that they had approached Jürgen Klinsmann, the former Germany coach, about succeeding Benítez as Liverpool manager.

As the Spaniard prepares for the FA Cup fourth-round visit of Havant & Waterlooville today, the apparent newfound commitment of Hicks and Gillett will no doubt be welcomed, although it is likely to be put to the test when they are asked to fund the permanent signing of Javier Mascherano. The owners are thought to have misgivings about the £17 million asking price for the Argentina midfield player, but a deal is expected to be completed.


Strangely, there was no mention of Gillett’s name on the statement issued yesterday by Kop Football (Holdings) Limited, the company the Americans set up to buy the club in February last year. Instead it was left to Hicks, once again, to speak for the two of them.

“Since the meeting with Rafa on December 16, at which some widely reported communications issues were discussed, Rafa has been assured that he has continuing and enthusiastic support,” Hicks said. “Rafa is under contract for two more seasons following this season. I am solidly behind Rafa and confident of the team’s prospects under his leadership.”

While the refinancing package with Royal Bank of Scotland and Wachovia, which will allow the club to commence work on a 71,000-capacity stadium in Stanley Park, is expected to provide some much-needed stability at Anfield, it is unlikely to mean an end to the attempts by Dubai International Capital (DIC) to buy the club.

Many supporters still hope that Gillett and Hicks may eventually sell to DIC, the private-equity arm of the Dubai Government, as doubts persist about their long-term tenability as partners, not to mention the level of debt being incurred. Of the £350 million, £105 million will be saddled on the club after Rick Parry, the chief executive, and David Moores, the former chairman, blocked attempts to load the entire amount. It is thought that Liverpool will have to foot the interest on the loans, thought to total £28-£30 million annually.

The other £245 million has been secured against Gillett and Hicks’s Kop Holdings company, with the Americans thought to have increased their personal guarantees from about £30 million to £55 million each.

It is intended that the new loan will allow them to pay off the £298 million they have borrowed in the 12 months since buying the club, absorb existing debts of £44.8 million and commence work on the new stadium, which will still feature an 18,500-seat Kop but is smaller than on the original plans.

With a further £300 million likely to have to be raised to complete the stadium by August 2011, however, the prospect of big spending on players before then appears to be slim.


Counting their losses

The most indebted top-flight clubs (including debts held by holding companies and internal debts)

Manchester United: £550m
Liverpool: £350m
Arsenal: £272m
Chelsea: £270m
Fulham: £159m