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Old 5th September 2010, 01:41 PM   #1 (permalink)
tcd
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Liverpool will not lose 9 points if they go into administration

by Chris Bascombe, News of the World

Liverpool will avoid a nine-point penalty if they fall under bank ownership next month.

The Premier League will approve an Anfield takeover by the Royal Bank of Scotland if co-owners Tom Hicks and George Gillet don't find a buyer or repay their debt by October 6.

The RBS has had power to seize the club before but there were concerns about league sanctions. Fans feared that if the Americans defaulted on their loans the club would be plunged into administration, leading to a nine-point deduction.

And that would almost certainly end their hopes of qualifying for the Champions League with devastating consequences for the club.

But clarification that a bank takeover is within Premier League rules is of huge significance. It means the league recognises the distinction between the owners' debts and the club's debt.

The Americans face catastrophic financial losses in the region of £300m if they miss the October deadline.

Hicks and Gillett still owe their 'acquisition debt' - currently £282.4m - which they used to buy Liverpool in 2007 as part of the company they created called Kop Football.

But that company exists independently from profit-making Liverpool Football Club and Athletics Grounds Limited, whose accounts are sent to the Premier League.

If the bank takes over, the owners' existing debts will be wiped out but they would lose the club without receiving a penny.

An RBS takeover will enable the bank to deal directly with buyers from next month and sell the club for a reasonable price.

The Kop is now braced for one of the most important months in its history.

Hicks and Gillett desperately want more time from the bank, but Managing Director Christian Purslow, Commercial Director Ian Ayre and Chairman Martin Broughton have urged RBS to refuse another stay of execution.

The bank, club and Premier League still hope a last-minute takeover will prevent the need for bank intervention.

RBS wanted the club sold by last Tuesday and imposed strict penalties on Hicks and Gillett to force a sale. A final charge of £7.5m was made on August 31, after earlier penalties of £5m on July 15 and £7.5m on August 15.

But there is no immediate incentive for buyers now the transfer window has shut and the refinance deadline looms.

A few months ago Hicks' boldly valued Liverpool 'between £600m-£800m', though sources close to the owners dispute any such valuation.

The owners tried to refinance in June using the club's assets but were blocked by the rest of the board. Securing new loans against their US assets is another avenue they're pursuing.

But if Hicks and Gillett are unable to raise funds, they're faced with a startling choice. They could accept a minimal profit if a bid materialises or lose the club for nothing.

But a source close to the sale process warned: "This is a little like one of those horror movies. Just when you think the monster has been killed in the final scene, he somehow gets back up again."

Source: http://liverpoolfc.co.za/eve/forums/...43/m/495103019

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Old 5th September 2010, 10:26 PM   #2 (permalink)
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Re: Liverpool will not lose 9 points if they go into administration

I've run out of comments for these things. There's still a month to go and I just hope more bidders come into the picture.

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Old 5th September 2010, 10:35 PM   #3 (permalink)
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Re: Liverpool will not lose 9 points if they go into administration

Please don't tell me prepare for the worst. Tell me to fixed to not get to the WORST!

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