Tuesday, February 26, 2008

Hicks & Gillett to sell Liverpool as DIC wait to takeover

Rumours turning to action as DIC close to securing takeover of Liverpool

In news that will delight Liverpool fans, it is being widely reported that a deal for a DIC takeover of Liverpool has moved substantially closer today. The American owners George Gillett and Tom Hicks, are reportedly ready to open Liverpool's books and DIC's advisors have set themselves a mid-March deadline to complete the first stage of a two-stage takeover process.

George Gillett is widely expected to be the first of the duo to sell his stake, however Tom Hicks, the more abrasive of the two, is not going to go quietly. DIC wish to secure full control of the club in the long term, however Hicks wants to remain in charge after the deal, which has been swiftly rebuffed.

A more likely outcome is that Hicks will remain on the board in the short term, and DIC will seek to dilute his holding by injecting equity into Liverpool. This injection will cover the cost of the new stadium, present debts and funds for new players. They will also seek to provide stability after a season of unprecedented turmoil at Anfield.

Hicks is understood to have tried to raise funds to buy out his partner, but failed due to the credit crunch. That he is fighting to remain in control of Liverpool, and that DIC are so stubbornly pursuing ownership, makes it clear that Liverpool promises a substantial return on investment for these two sets of hard-headed businessmen.

Liverpool fans will just be glad to see the back of Hicks and Gillett, who have brought nothing but turmoil and broken promises to Anfield.


Sarah Howson, Chester said...

All I can say is 'About Time Too!' These men should never have been allowed to buy Liverpool, they were un-prepared, under-funded and un-wanted.

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