Liverpool face being plunged into a shocking £500m debt by the
club's American owners.
A massive £698m refinancing plan is being finalised, which
threatens to break George Gillett (right) and Tom Hicks' promise
NOT to do a Malcolm Glazer'.
The new package will pay off the original £298m Royal Bank of
Scotland loan used by the Americans to buy the Merseyside club in
March and meet the escalating costs of the Reds' new £400m
stadium.
Liverpool are in negotiations with US bank Wachovia and Hicks
confirmed: "The new financing deal will be completed in the next 30
days."
The Reds are hoping to recoup £100m from stadium naming rights,
£20m from a European Community Grant and a further £80m from other
sources.
But it would still leave the club around £500m in debt and
Liverpool fans are worried the American owners are now securing
loans against the club's assets rather than their personal
fortune.
It would also mean Champions League football was essential to
finance the increased debt.
A spokesman for the Official Liverpool Supporters Club said: "It
would be very worrying if this amount of debt is to be put on the
club.
So far, we've been impressed by everything Hicks and Gillett have
done so I hope if they are planning this course of action they will
give the fans a full explanation."
