"You got your checkbook, George? I didn't bring mine"
Remember when George Gillett was the good guy and Tom Hicks the ogre wanted to sell his share off? It was met with cheers from Liverpool supporters.
The twists and turns in Liverpool's ownership saga took a sharp U turn as it appears Tom Hicks is now trying to wrest control of the club. His partner George Gillett faces an uncertain financial future with his business ventures and is struggling to repay a £75m loan which he borrowed in 2008. Defaulting on his payment could cost his share of ownership.
The news that he is trying to refinance the club through other sources to pay off the RBS loan signifies a consolidation of his ownership. A horrifying prospect. Not popular is an understatement when it comes to Hicks.
However one can't see how the board can stop this however distasteful this might be. Martin Broughton has failed in his mission to find a buyer with viable funds and the October 6th deadline for refinancing a £237.4m looms large. RBS will be glad to have the loan taken off its hands in these recessionary times.
Essentially, Hicks is buying time so that he can get a better valuation for the club. Staving off financial administration which gives you nothing should be priority number one. I don't see why Broughton and the board will oppose this because it too gives them time to find other investors. It's a matter of holding your breath and voting enlightened self interest.
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