Despite announcing the club was up for sale in April, and the recent flurry of Chinese and Syrian takeover interest, the Americans have been plotting to STAY in charge. But their plans were blocked after a legal challenge from their own board.
Liverpool fans turning up for today's season opener with Arsenal are hoping their reviled co-owners are on the verge of selling up. But Sport of the World can reveal the pair have been trying to refinance their massive debts.
During the summer, they asked Barclays Capital and FBR Capital Bank to approach several investment banks to renegotiate £290million of debt.
If successful, this would have freed the co-owners of their arrangement with the Royal Bank of Scotland and Wells Fargo which ends in October. And most worryingly for fans, it would buy the Americans time to seek a higher price for the club at a later date.
Refinance negotiations were suspended on June 30 when the rest of the club's board demanded a review of the proposals. Chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have made it clear that a sale of the club, not another refinancing agreement, is in the best interests of Liverpool FC.
They asked international law firm Slaughter and May whether the wishes of the club's owners could be opposed. The lawyers advised in favour of the board, blocking Hicks and Gillett's plans. Barclays Capital say no such proposals will be considered again, but it's clear the Americans are not walking away from Anfield without a fight.
They've made it known they're exploring more legal channels to challenge their board's right to have the final say on the club's future. The Americans' refinancing ambitions seriously undermine recent claims they have been in 'advanced takeover talks' with Syrian Yahya Kirdi for several months.
It also directly contradicts the statement the pair released on April 16, announcing a sale of the club was top of the agenda. They said: "Having grown the club this far we have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development."
However, this statement disguised the owners' immediate intention. Hicks and Gillett know if they can refinance and stay at the helm beyond their RBS debt repayment deadline on October 6, they can undermine BarCap's sale process. Refinancing offers a slim chance they can attract a higher bid for their shares later on.
Their board's opposition ensured the co-owners failed in their initial efforts to refinance by their first deadline of July 15. That triggered the potentially catastrophic £2.5m a week penalty charges that we revealed last Sunday.
Their failure to meet a second debt repayment deadline today means they will be hit with another £7.5m charge. A third charge of £7.5m kicks in on August 31 and by the end of this month, the Americans' debt will have risen to an astonishing £282.4m.
If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty.
GREEDY Liverpool co-owners Tom Hicks and George Gillett have made a desperate bid to cling on to power at Anfield.Despite announcing the club was up for sale in April, and the recent flurry of Chinese and Syrian takeover interest, the Americans have been plotting to STAY in charge. But their plans were blocked after a legal challenge from their own board.Liverpool fans turning up for today's season opener with Arsenal are hoping their reviled co-owners are on the verge of selling up. But Sport of the World can reveal the pair have been trying to refinance their massive debts.During the summer, they asked Barclays Capital and FBR Capital Bank to approach several investment banks to renegotiate £290million of debt.If successful, this would have freed the co-owners of their arrangement with the Royal Bank of Scotland and Wells Fargo which ends in October. And most worryingly for fans, it would buy the Americans time to seek a higher price for the club at a later date.Refinance negotiations were suspended on June 30 when the rest of the club's board demanded a review of the proposals. Chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have made it clear that a sale of the club, not another refinancing agreement, is in the best interests of Liverpool FC.They asked international law firm Slaughter and May whether the wishes of the club's owners could be opposed. The lawyers advised in favour of the board, blocking Hicks and Gillett's plans. Barclays Capital say no such proposals will be considered again, but it's clear the Americans are not walking away from Anfield without a fight.They've made it known they're exploring more legal channels to challenge their board's right to have the final say on the club's future. The Americans' refinancing ambitions seriously undermine recent claims they have been in 'advanced takeover talks' with Syrian Yahya Kirdi for several months.It also directly contradicts the statement the pair released on April 16, announcing a sale of the club was top of the agenda. They said: "Having grown the club this far we have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development."However, this statement disguised the owners' immediate intention. Hicks and Gillett know if they can refinance and stay at the helm beyond their RBS debt repayment deadline on October 6, they can undermine BarCap's sale process. Refinancing offers a slim chance they can attract a higher bid for their shares later on.Their board's opposition ensured the co-owners failed in their initial efforts to refinance by their first deadline of July 15. That triggered the potentially catastrophic £2.5m a week penalty charges that we revealed last Sunday.Their failure to meet a second debt repayment deadline today means they will be hit with another £7.5m charge. A third charge of £7.5m kicks in on August 31 and by the end of this month, the Americans' debt will have risen to an astonishing £282.4m.If they can't pay, there is a real possibility of the RBS taking control of the club, with Liverpool FC being forced into administration and being hit with a nine-point penalty.