Can we just clear up one or two issues with regards to our New Trust Worthy owners

[Nicey]

Am I right in thinking when they first came here and more importantly when they were courting us as potential buyers .. they told us that they would not borrow money against the club to finance the deal ..

It seems now we suddenly have 650 million worth of debt. false promises regarding stadium design and a owner who does not know how to deal with the press ...

Can someone dig up there original promises .. I think these guys need to be called into account. Fair play for getting Torres, fair play for getting the stadium approved. But if they blantly lied to us about the finances right from the get go it does not bode well and quite frankly we should mark there cards if this is infact the case.

Can someone shine some light on this matter for me.

[disco]

It makes sense that they finance a stadium through debt, but I'd hope they weren't going back on their promise to not put the 180m purchase price on the club as debt.

[Guest]

It makes sense that they finance a stadium through debt, but I'd hope they weren't going back on their promise to not put the 180m purchase price on the club as debt.

Has it been disclosed as to how they financed that initial purchase though ? It was all a bit of mystery I remember and no journo could say for definite how they did it ? Did they put their own money in ?

[captainfog]

I remember Gilllet making a point of saying they weren't going to do things like the Man U owners by putting debt on the club

[Nicey]

Thats what I thought as well Captain, its one thing to finance the building off the asset itself but to leverage the entire club on future revenues and not actual cash investment seems very very misleading and thats what its beginning to look like to me.

We are a resourceful clever bunch on here can we put our collective noggins together a see if we can get to the bottom of this

[Guest]

US pair agree Liverpool takeover

American tycoons George Gillett and Tom Hicks have reached an agreement to take over Liverpool.

Hicks and Gillett will be co-chairmen but will leave existing chief executive Rick Parry to run the club.

Liverpool chairman David Moores, who will become an honorary life president, said: "This is a great step forward for its shareholders and its fans."

The pair, who each own NHL ice hockey teams, beat off competition from Dubai International Capital.

Interview: Tom Hicks and George Gillett Interview: Former Liverpool defender Mark Lawrenson

Their offer is worth £5,000 per share, valuing the club at £174.1m, and along with the club's £44.8m debt it values the club at £218.9m.

But the pair are also believed to have guaranteed to invest over £200m in the club, but they refused to discuss figures.

They confirmed they will make funds available, both for team strengthening and the building of the club's new stadium in Stanley Park and denied they had secured the club on borrowed money.


"We have purchased the club with no debt on the club," said Gillett. "We believe in the future of the club, the future of the league, the new TV contracts are outstanding and we are proud to be a part of it.

"This is truly the largest sport in the world, the most important sport in the world, and this is the most important club in the most important sport in the world.

"What a privilege we have to be associated with it and we hope that with the good graces of Rick and his team that we will have on-the-pitch success and economic success."

They said the club would consider selling the naming rights to the new stadium.

Gillett added: "If the naming rights are worth one great player a year in transfer spending, we will certainly look at that as a serious option."

But both Gillett and Hicks vowed to safeguard the legacy of the club and leave Parry and manager Rafa Benitez to do their jobs.

A club statement earlier confirmed that a deal had finally been done after a three-year search for new owners.

It said: "Liverpool FC today announced that the board have agreed the terms of an offer for the club from Mr George Gillett and Mr Tom Hicks.

"The board are unanimously recommending that the club's shareholders accept this offer."

Moores was not present at the official announcement, with Parry saying it was probably "the worst day of his life" and the "biggest decision".

But in a statement he said: "This club is my passion and forms a huge part of my life. After much careful consideration, I have agreed to sell my shares to assist in securing the investment needed for the new stadium and for the playing squad.

"I urge all my fellow shareholders to do the same and to support the offer. By doing so, I believe you will be backing the successful future of Liverpool.

"I am also delighted to accept the offer from the Hicks and Gillett families to continue my involvement in the club by becoming honorary life president."

Parry added: "This is great for Liverpool, our supporters and the shareholders - it is the beginning of a new era for the club.

Hicks, who owns the Dallas Stars ice hockey club as well as the Texas Rangers baseball team, joined forces with Gillett to gazump rival bidders DIC last week. "They are bringing to the table tremendous and relevant experience, a passion for sport, real resources and a strong commitment to the traditions of Liverpool.

"We know that George and Tom want a long-term relationship with Liverpool and that they also understand the importance of investing in our success both on and off the field.

"They have made clear their intention to move as quickly as practicable on the financing and construction of our proposed new stadium at Stanley Park and also to support investment in the playing squad."

Both Parry and Gillett said the addition of Hicks last month had been crucial in sealing the deal.

The Hicks family and the Gillett family are extremely excited about continuing the club's legacy and tradition
Joint statement from Hicks and Gillett

But Gillett dismissed reports that said he had planned to groundshare with neighbours Everton, saying that Parry had warned him off such a suggestion at their first meeting.

Gillett, owner of Montreal Canadiens, has impressed Liverpool with his proposals and the speed at which he completed due diligence - the process of investigation by potential investors - in three days.

The 68-year-old American has also stressed his experience in running successful sporting operations.

It is thought to be the first time that two owners of rival sports clubs in one league have combined to purchase a club in another.

Liverpool will become the third Premiership side to come under the control of American owners, following the takeovers of Manchester United and Aston Villa in recent years.

A joint statement from Gillett and Hicks said: "Liverpool is a fantastic club with a remarkable history and a passionate fanbase.

"We fully acknowledge and appreciate the unique heritage and rich history of Liverpool and intend to respect this heritage in the future.

"The Hicks family and the Gillett family are extremely excited about continuing the club's legacy and tradition.

"We are particularly pleased that David Moores and Rick Parry will have a continuing involvement in the club. For us continuity and stability are keys to the future."

[carheex]

Am I right in thinking when they first came here and more importantly when they were courting us as potential buyers .. they told us that they would not borrow money against the club to finance the deal ..

It seems now we suddenly have 650 million worth of debt. false promises regarding stadium design and a owner who does not know how to deal with the press ...

Can someone dig up there original promises .. I think these guys need to be called into account. Fair play for getting Torres, fair play for getting the stadium approved. But if they blantly lied to us about the finances right from the get go it does not bode well and quite frankly we should mark there cards if this is infact the case.

Can someone shine some light on this matter for me.

Yes, let's make their cards - that'll learn 'em!

[redwien]

No worries I have a plan. I'm getting in touch with these guys as rumour has it they may have a few quid in the bank - [email protected]

[Nicey]

Yes, let's make their cards - that'll learn 'em!

Its our club if we are not going to call them into account, who will? the share holders ? I doubt it if they are going to make a pretty penny out of another Tom Hicks Gordon Gecko style deal

[Kenneth]

Yes, let's make their cards - that'll learn 'em!

[Cormack74]

No worries I have a plan. I'm getting in touch with these guys as rumour has it they may have a few quid in the bank - [email protected]

Whilst you're doing it could you just get them to clear up once and for all the issue regarding the exit strategy.

[redwien]

Whilst you're doing it could you just get them to clear up once and for all the issue regarding the exit strategy.

If only the ****ing Americans had exit strategy, at least we would have something to look forward to.

[Nicey]

Did I miss something ?

[MindGuerrillas]

If only the ****ing Americans had exit strategy, at least we would have something to look forward to.

Anybody that buys a business has an exit strategy, including the Americans. The banks would insist on it before they'd loan the money for the purchase. They'd want to see that the purchase had the possibility of making money in the relative short-term (several years time).

The fuss made over the 'revelation' that DIC had a 7 year exit plan was ridiculous. It's just standard business practice to do this. The exit plan does not mean that they would definitely sell after 7 years. They could decide to keep the asset and prepare another exit startegy for a few years down the line.
The exit strategy is just a plan that shows they have thought about what they could make if they were to sell in x years time - that their investment was safe.

[Nicey]

I agree MG and all fair enough what I take issue with is the way these guys financed this deal in reality and how they assured us the fans it was going to be structured in public. As all proper business plans have exit strategies they also take into account market forces for very large projects whether that is on the finance side or the commodities side, I find it all highly questionable that the building costs has suddenly spiraled because of the "credit crunch"