Liverpool Takeover Thread
- Thread starter antijoke
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Soldato
Associate
You guys are right that it should never have come to this, but I guess it was always going to; I mean no-one would pay their insanely inflated asking price in the knowledge this deadline was coming around and they could then buy the club at a 'fire-sale' price. It just makes H&G's greed look all the more ridiculous; if they hit this October 6 deadline they will lose even more than they would have done if they had sold the club for a reasonable amount...
I guess you Liverpool fans just have to hope like hell that the Cowboys can't refinance their debt with another bank before that October 6 deadline... then you can be rid of them at last!
It's a sad tale in the history of one of England's top clubs. The Premier League need to take a serious look their 'fit and proper person' test so we can avoid this kind of debacle in the future.
I guess you Liverpool fans just have to hope like hell that the Cowboys can't refinance their debt with another bank before that October 6 deadline... then you can be rid of them at last!
It's a sad tale in the history of one of England's top clubs. The Premier League need to take a serious look their 'fit and proper person' test so we can avoid this kind of debacle in the future.
Exclusive: Hong Kong investor ‘leads Liverpool takeover race’
A Hong Kong-based businessman is the main contender to takeover Liverpool Football Club, according to a source close to Barclays Capital.
The Royal Bank of Scotland set a deadline of 6 October for club chairman Martin Broughton and Barclays Capital to find a new owner and bring an end to Tom Hicks and George Gillett’s Anfield tenure.
With the deadline looming and a number of potential investors seemingly backing away from making an offer, many reports speculated the club were unlikely to find a new owner before the date.
But a senior source close to Barclays Capital believes there to be some interest in the club, with “as many as five bidders at in-depth stages of due diligence” and a “Hong Kong-based investor leading the race” to take over at Anfield.
The bank, however, appears unwilling to offer any financial support to the potential investors, with the source stating there is “no chance of Barcap becoming involved with the debt financing of any takeover”.
However, Barclays Capital are reported to be becoming increasingly frustrated with the current owners. “Unrealistic valuations are driving us [BarCap] insane,” said the source. The insider also accused the American duo of being “unreachable”.
http://www.thesportreview.com/tsr/2010/09/liverpool-takeover-exclusive/
http://www.liverpoolfcnews.net/barcap-reveal-serious-bidders-in-to-buy-liverpool/link/35997/
A Hong Kong-based businessman is the main contender to takeover Liverpool Football Club, according to a source close to Barclays Capital.
The Royal Bank of Scotland set a deadline of 6 October for club chairman Martin Broughton and Barclays Capital to find a new owner and bring an end to Tom Hicks and George Gillett’s Anfield tenure.
With the deadline looming and a number of potential investors seemingly backing away from making an offer, many reports speculated the club were unlikely to find a new owner before the date.
But a senior source close to Barclays Capital believes there to be some interest in the club, with “as many as five bidders at in-depth stages of due diligence” and a “Hong Kong-based investor leading the race” to take over at Anfield.
The bank, however, appears unwilling to offer any financial support to the potential investors, with the source stating there is “no chance of Barcap becoming involved with the debt financing of any takeover”.
However, Barclays Capital are reported to be becoming increasingly frustrated with the current owners. “Unrealistic valuations are driving us [BarCap] insane,” said the source. The insider also accused the American duo of being “unreachable”.
http://www.thesportreview.com/tsr/2010/09/liverpool-takeover-exclusive/
http://www.liverpoolfcnews.net/barcap-reveal-serious-bidders-in-to-buy-liverpool/link/35997/
Soldato
Read that yesterday, roll on October the 6th and hopefully our situation will become a bit clearer
Bloomberg
Tom Hicks aims to refinance debts in an effort to remain in control at Liverpool
Liverpool co-owner Tom Hicks will attempt to refinance debts of £237 million with Royal Bank of Scotland in an effort to remain in control at Anfield, Telegraph Sport can disclose.
Hicks flew to London earlier this week and met with Liverpool chairman Martin Broughton and the club management team on Wednesday. He is understood to have told them that raising fresh finance to buy out the RBS debt is one a number of options he is considering ahead of the Oct 6 refinancing deadline set by the bank.
It is unclear whether Hicks is yet in a position to buy out the RBS loans, incurred in the acquisition of the club in 2007.
The Texan is not thought to have held talks with RBS during his UK visit, but the bank is considering extending its financing to Hicks and co-owner George Gillett in order to provide Broughton with more time to secure a buyer for the club.
Such a move would undoubtedly prove unpopular with supporters hopeful that Oct 6 would see the bank call time on owners who have become deeply unwelcome on Merseyside.
Perhaps significantly Gillett has not been part of the talks in London this week and his precise role in the negotiations remains uncertain. His position may be complicated by the fact that he used his 50 per cent stake in the club as security against borrowings he made in order to meet RBS’s demand for personal guarantees in a previous refinancing round in 2008.
Were Hicks to be successful in raising the money to buy out RBS, Broughton and his colleagues on the club board would have to decide whether to attempt to block the deal.
Broughton, managing director Christian Purslow and commercial director Ian Ayre blocked the American’s last attempt to refinance in June. They did so only having taken legal advice from Slaughter & May that they were able to do so.
Company law requires directors to act in the best interests of the shareholders - in this case Hicks and Gillett - but in some circumstances they can over-ride those concerns if it is deemed to be in the company’s interests.
If Hicks returns with a refinancing deal before Oct 6 they will face the same choice. Broughton is understood to have told Hicks on Wednesday that the board remain open-minded and will listen to any proposal he places before it.
Broughton, who was appointed in April as a condition of RBS extending the financing to the Americans for six months, has made it clear that he considers the sale of the club to an owner who removes the club’s debt and allows investment in a new stadium to be the best deal for Liverpool’s future.
The absence of any buyers willing to meet Hicks’ and Gillett’s valuation has placed RBS in a deeply uncomfortable position, and despite pressure from supporters there appears to be little appetite within the bank to force the American’s into default. Tariq panja from bloomberg:
Bank sources have told Telegraph Sport that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required.
They have also suggested that they will take a “more active” role in the sales process, though with just three weeks until the refinancing deadline and a shortage of interested parties that appears to be positioning ahead of a deeply sensitive period.
While RBS has moved the loans to its “bad bank”, the global restructuring group, Hicks has consistently maintained that Liverpool is a growing and increasingly profitable company rather than a distressed asset.
His pursuit of a potential refinancing deal indicates his determination to remain involved and recognise value from the club.
Tom Hicks aims to refinance debts in an effort to remain in control at Liverpool
Liverpool co-owner Tom Hicks will attempt to refinance debts of £237 million with Royal Bank of Scotland in an effort to remain in control at Anfield, Telegraph Sport can disclose.
Hicks flew to London earlier this week and met with Liverpool chairman Martin Broughton and the club management team on Wednesday. He is understood to have told them that raising fresh finance to buy out the RBS debt is one a number of options he is considering ahead of the Oct 6 refinancing deadline set by the bank.
It is unclear whether Hicks is yet in a position to buy out the RBS loans, incurred in the acquisition of the club in 2007.
The Texan is not thought to have held talks with RBS during his UK visit, but the bank is considering extending its financing to Hicks and co-owner George Gillett in order to provide Broughton with more time to secure a buyer for the club.
Such a move would undoubtedly prove unpopular with supporters hopeful that Oct 6 would see the bank call time on owners who have become deeply unwelcome on Merseyside.
Perhaps significantly Gillett has not been part of the talks in London this week and his precise role in the negotiations remains uncertain. His position may be complicated by the fact that he used his 50 per cent stake in the club as security against borrowings he made in order to meet RBS’s demand for personal guarantees in a previous refinancing round in 2008.
Were Hicks to be successful in raising the money to buy out RBS, Broughton and his colleagues on the club board would have to decide whether to attempt to block the deal.
Broughton, managing director Christian Purslow and commercial director Ian Ayre blocked the American’s last attempt to refinance in June. They did so only having taken legal advice from Slaughter & May that they were able to do so.
Company law requires directors to act in the best interests of the shareholders - in this case Hicks and Gillett - but in some circumstances they can over-ride those concerns if it is deemed to be in the company’s interests.
If Hicks returns with a refinancing deal before Oct 6 they will face the same choice. Broughton is understood to have told Hicks on Wednesday that the board remain open-minded and will listen to any proposal he places before it.
Broughton, who was appointed in April as a condition of RBS extending the financing to the Americans for six months, has made it clear that he considers the sale of the club to an owner who removes the club’s debt and allows investment in a new stadium to be the best deal for Liverpool’s future.
The absence of any buyers willing to meet Hicks’ and Gillett’s valuation has placed RBS in a deeply uncomfortable position, and despite pressure from supporters there appears to be little appetite within the bank to force the American’s into default. Tariq panja from bloomberg:
Bank sources have told Telegraph Sport that taking control at Anfield is their least-favoured option, and that they will consider extending the current financing arrangement if required.
They have also suggested that they will take a “more active” role in the sales process, though with just three weeks until the refinancing deadline and a shortage of interested parties that appears to be positioning ahead of a deeply sensitive period.
While RBS has moved the loans to its “bad bank”, the global restructuring group, Hicks has consistently maintained that Liverpool is a growing and increasingly profitable company rather than a distressed asset.
His pursuit of a potential refinancing deal indicates his determination to remain involved and recognise value from the club.
when will this end.
Caporegime
We're going to make Leeds demise look like a fairy tale if this happens. No idea why he wants to destroy the club but I hope it ends up killing him.
I dont think it will end unless some one pays their stupid valuation which no one in their right mind would do, I really want rid of them both like every one else i dont even understand why hicks wants sole control why would any person want to stay some were their hated =/
Soldato
Keith Harris should have stuck with Orville and Cuddles...
