First set of clubs accounts pile pressure on Liverpool’s warring owners

[MindGuerrillas]

It's probably because Gillett was involved in the discussions for longer and so had more trips whereas Hicks only came in at the last minute.

[1979]

I wonder what the spin will be from those on here who have put an alterbative point of view on matters and attempted to portray Hicks in a more positive light? (Read the massive DIC thread for more info)

[Pablo]

It's probably because Gillett was involved in the discussions for longer and so had more trips whereas Hicks only came in at the last minute.

An excellent point

[G]

http://www.timesonline.co.uk/tol/spo...cle4092788.ece


More than 300 Liverpool fans spent yesterday posting eviction notices at Anfield, demanding repossession of the club, and the pressure on Tom Hicks and George Gillett Jr, the warring American owners, will increase with the publication of their first set of accounts.

Kop Football (Holdings) Ltd, one of the club’s parent companies, made a £33 million loss in the year ending July 31, 2007, according to accounts submitted to Companies House last week. The club’s £350 million loans will also have to be refinanced as early as January and the club must pay interest on a £64 million loan from Kop Football Ltd, its immediate parent company.

The accounts reveal that the owners wrote off £10.3 million when they scrapped the club’s design for a new stadium after their takeover in February 2007 and Liverpool fans will be irked to learn that the co-owners claimed more than £1.4 million in expenses in the seven-month period concerned.

To those who say They have invested in the team this line says it all.Yes they invested in the team,by way of a loan and they expect the club to pay that loan back to them with interest.

[Vermilion]

Couldn't believe that bit. ****s. So bloody annoying.

[RoadEnd]

Time to get Ken Dodd to do the accounts.

[guyko21]

Time to get Ken Dodd to do the accounts.

That is a quality post!

[Tom]

I wonder what Manu`s books look like right now????

Isn`t debt now supposed to be paid when the New 70,000 stadium is built?It`s not a one yr plan.

One, we're not talking about Man Utd's yankee ****-up, we're talking about ours.

Two, man utd already happen to have a stadium built that brings in massive profits while we don't.

Three, 10 million pissed up against the wall on a stadium re-design which would just about pay for a quality passing midfielder of the the type we are having to sell to finance other transfers.

Four, we have it confirmed that the football club is also now paying interest on a £64m loan to Kop Holdings despite Hicks trying to spin otherwise.

[Leyton388]

Parasites

[Parm]

these guys just cant do anything right can they.
I know the picture right now looks bad, but I do hope and pray that there is SOME sort of long term plan in place. Night be misplacd hope though.

[Leyton388]

Mr Hicks is too concerned with helping his friend MR Mr Mccain get in the white house than he is for a Soccer team thousands of miles away. Gillett is just a cunt who cares more about his small time hockey team. Moores your a ****ing disgrace!!!!

[Kev_81]

Football: Liverpool and our 'cheating' wealthy clubs
By Ian Herbert

A house of cards - that is the only way to describe Liverpool football club this week. It's manager and star striker have disagreed over the importance of signing £25m players, while its owners revealed that the cost to Anfield of them taking over has been even greater than than the exposure to ridicule that Tom Hicks has caused.

There was a novelty factor to the club’s accounts for the year July 31 2007 which have surfaced at Companies House: Hicks and George Gillett’s signatures, scrawled beside each other. Not something we are likely to see again until Hicks finally agrees to his estranged business partner selling out to Dubai International Capital and they sign on it.

But there were also some extraordinary details in there, too. Like the Americans’ willingness to write off £10.4m – just to ditch stadium plans the club had drawn up before they arrived and replace them with their own. I am yet to find an architect who can explain how the club could have spent such money on a stadium model before ditching it. This platform is available now to any who can. There will be more write-downs next year when the club accounts for the fact that its second stadium model was also ditched in favour of something more modest - because soaring steel prices made the Americans' ambitions unrealistic.

And then there is the £1.5m in “personal expenses” which the Americans cost Liverpool in just the first seven months of their ownership. Travelling expenses, legal costs, “personnel costs” – all heaped on to the club into which the Americans were not investing a penny. It will be interesting to see how much cost Hicks, in particular, has hit the club on public relations services when next year’s accounts are delivered. Freud Communications appear to have joined Financial Dynamics (FD) on the Hicks pay-roll though Freud were unwilling to divulge yesterday exactly what their role for Hicks might be and referred media inquiries back to FD. Who are they working for - Hicks or Kop Holdings? Unclear. So much for the ‘Liverpool Way.’

All in all, it's the kind of detail which tells us that Michel Platini was both right and wrong on Friday when he railed, in L’Equipe, about the ‘cheating’ British clubs – Manchester United and Chelsea in particular – who buy success on tick. Yes, it is a concern that proprietors about whom we really know nothing are allowed to take up the reins at our clubs. But no, it’s not ‘cheating’. That would suggest something clandestine. Whether they discover trumph or disaster on tick next season, Liverpool is being torn apart – limb for limb – by Hicks in particular and the evidence of that fact is there for all to see.

Posted at 06:01 PM in Football

[Roboklopp]

One, we're not talking about Man Utd's yankee ****-up, we're talking about ours.

Two, man utd already happen to have a stadium built that brings in massive profits while we don't.

Three, 10 million pissed up against the wall on a stadium re-design which would just about pay for a quality passing midfielder of the the type we are having to sell to finance other transfers.

Four, we have it confirmed that the football club is also now paying interest on a £64m loan to Kop Holdings despite Hicks trying to spin otherwise.

Good point, well made.