I’m a Manchester United fan, but I’m really glad to see the backs of Hicks and Gillett. They are the former owners of Liverpool Football Club, and they placed the club into a lot of debt. They owed £237m to the Royal Bank of Scotland, and today was the deadline for repayment of the loan. They actually wanted to borrow more money to meet today’s deadline!
My club is also in debt. A lot of debt. According to this article in The Guardian, Manchester United owes £225m in high-interest PIK loans (no, I don’t know what a PIK loan is either!). We also have more than £520m in bond debt on our balance sheet. It sounds like a lot debt to me, but at least we are still winning trophies.
Anyway, now that the Chilean miners have escaped from the San Jose mine, I think it would make the perfect home for Hicks and Gillett. Not FOREVER, obviously! Just for a week or two, so they can have time to think about what they have done to the most successful club in English football history.
They bought the club in 2007 for £174m and now they are being forced to sell it for £300m (with most of the money being used to pay off the debts). Hicks and Gillett are going to lose A LOT of money in this deal. No wonder they were desperate to cling on to the club!
This is what all Liverpool fans have hoped for, and today I feel really happy for them. Only today though. Tomorrow, I’ll go back to my old Liverpool-hating ways. Good luck for the future, but I hope we continue to spank you guys home and away! 😉
- Leeds relegated (bbc.co.uk)
- United We Stand, Divided We Fall (swissramble.blogspot.com)
- Hicks & Gillett back down to pursue $1.6bn claim (soccernet.espn.go.com)