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Liverpool FC's "unforgivable" owners target £100m investment
by Richard Buxton. Published Wed 03 Feb 2010 07:00, Last updated: 2010-02-02
Liverpool's managing director has reportedly told fans that the club's American owners need to attract £100 million investment with their position currently now untenable.
In a meeting with representatives from the Spirit of Shankly supporters' union, Anfield chief Christian Purslow allegedly conceded that George Gillett and Tom Hicks had failed to deliver on promises made when they took control of the club in 2007, describing them as "unforgivable".
Saturday's Merseyside derby clash with local rivals Everton will mark three years to the date that the duo's arrival was announced with a press conference, during which Gillett promised to begin work on a proposed new stadium within 60 days of assuming control of the Reds.
He said: "The promises of Hicks and Gillett are unforgivable. Hicks and Gillett cannot hang onto the club.
"I wanted investment [in 2007] just like you do [now]; I stood up at AGMs and said that."
Purslow confirmed that Liverpool's debts, incurred through a refinancing loan taken out by Gillett and Hicks in January 2008, currently stand at £237 million as potential investors are being sought with the Royal Bank of Scotland demanding that the deficit is reduced by £100 million, or the duo will be forced to sell the club.
Last month Hicks, whose presence at Anfield for the game with Bolton Wanderers last week was greeted with fan protests, pledged that the club's activity in the summer transfer window would be "big" but Purslow confirmed that funds will be restricted unless a wealthy investor is found despite reports that a pre-contract for Standard Liege striker Milan Jovanovic is set to be completed shortly.
"He [Hicks] has no involvement in transfers. I do," said Purslow.
"We will only have what we make and generate. The budget will only change if we get a sugar daddy."
In December, Liverpool City Council leader Warren Bradley revealed that work on the proposed 60,000-seater stadia in Stanley Park would begin in April, which Purslow also ruled out due to a lack of investment and claims that the council had been economical with the truth.
"It is not true that we said work would start in April," he insisted.
"Liverpool and Everton supported the city in World Cup bid. When asked by Lord Mawhinney about the stadium being built, I said there was investment interest and talks with banks on financing a stadium.
"Investment has to happen for the stadium to start, and we expect that around Easter time. If we get investment we can look at further investment to start the stadium work. How the City Council interpreted this as starting work in April I don’t know, you will have to ask them."
Fears that Liverpool's progress will stagnate if no new investment is found was rubbished by Purslow, who suggested that Gillett and Hicks were not to blame for the club's failure to meet on field expectations this season.
"LFC is for sale. It will be sold," he stated.
"The owners have to sell, they are out of money. The bank want it sold, the fans want it sold and people want to buy it.
"The problems on the pitch at the minute aren't the fault of the owners. It is not simple enough to say that new owners will guarantee results on the pitch."
Spirit of Shankly have published two accounts of the meeting notes - one being an alternative draft by Purslow - after failing to agree an accurate version of events with the club.
Paul Gardner, from Spirit Of Shankly, said "It is disappointing that the minutes of our recent meeting could not be agreed by the club.
"Whilst it should not detract from the important information that has come out of the meeting, many of us are left wondering why one person cannot agree to the minutes previously agreed by the other twelve present.
"Fans do not want to be protesting, but they have to, and rightfully so, because of the broken promises and continuous lies of Hicks and Gillett. Protests will continue, and fans will not be deterred from seeking the removal of the present owners.
"New owners, or investors, whilst being closely scrutinised, will be afforded the opportunity to improve things, providing it is done in a proper and honest way that is good for the club and fans. Until then, we will make sure Tom and George are not made welcome.”
by Richard Buxton. Published Wed 03 Feb 2010 07:00, Last updated: 2010-02-02
Liverpool's managing director has reportedly told fans that the club's American owners need to attract £100 million investment with their position currently now untenable.
In a meeting with representatives from the Spirit of Shankly supporters' union, Anfield chief Christian Purslow allegedly conceded that George Gillett and Tom Hicks had failed to deliver on promises made when they took control of the club in 2007, describing them as "unforgivable".
Saturday's Merseyside derby clash with local rivals Everton will mark three years to the date that the duo's arrival was announced with a press conference, during which Gillett promised to begin work on a proposed new stadium within 60 days of assuming control of the Reds.
He said: "The promises of Hicks and Gillett are unforgivable. Hicks and Gillett cannot hang onto the club.
"I wanted investment [in 2007] just like you do [now]; I stood up at AGMs and said that."
Purslow confirmed that Liverpool's debts, incurred through a refinancing loan taken out by Gillett and Hicks in January 2008, currently stand at £237 million as potential investors are being sought with the Royal Bank of Scotland demanding that the deficit is reduced by £100 million, or the duo will be forced to sell the club.
Last month Hicks, whose presence at Anfield for the game with Bolton Wanderers last week was greeted with fan protests, pledged that the club's activity in the summer transfer window would be "big" but Purslow confirmed that funds will be restricted unless a wealthy investor is found despite reports that a pre-contract for Standard Liege striker Milan Jovanovic is set to be completed shortly.
"He [Hicks] has no involvement in transfers. I do," said Purslow.
"We will only have what we make and generate. The budget will only change if we get a sugar daddy."
In December, Liverpool City Council leader Warren Bradley revealed that work on the proposed 60,000-seater stadia in Stanley Park would begin in April, which Purslow also ruled out due to a lack of investment and claims that the council had been economical with the truth.
"It is not true that we said work would start in April," he insisted.
"Liverpool and Everton supported the city in World Cup bid. When asked by Lord Mawhinney about the stadium being built, I said there was investment interest and talks with banks on financing a stadium.
"Investment has to happen for the stadium to start, and we expect that around Easter time. If we get investment we can look at further investment to start the stadium work. How the City Council interpreted this as starting work in April I don’t know, you will have to ask them."
Fears that Liverpool's progress will stagnate if no new investment is found was rubbished by Purslow, who suggested that Gillett and Hicks were not to blame for the club's failure to meet on field expectations this season.
"LFC is for sale. It will be sold," he stated.
"The owners have to sell, they are out of money. The bank want it sold, the fans want it sold and people want to buy it.
"The problems on the pitch at the minute aren't the fault of the owners. It is not simple enough to say that new owners will guarantee results on the pitch."
Spirit of Shankly have published two accounts of the meeting notes - one being an alternative draft by Purslow - after failing to agree an accurate version of events with the club.
Paul Gardner, from Spirit Of Shankly, said "It is disappointing that the minutes of our recent meeting could not be agreed by the club.
"Whilst it should not detract from the important information that has come out of the meeting, many of us are left wondering why one person cannot agree to the minutes previously agreed by the other twelve present.
"Fans do not want to be protesting, but they have to, and rightfully so, because of the broken promises and continuous lies of Hicks and Gillett. Protests will continue, and fans will not be deterred from seeking the removal of the present owners.
"New owners, or investors, whilst being closely scrutinised, will be afforded the opportunity to improve things, providing it is done in a proper and honest way that is good for the club and fans. Until then, we will make sure Tom and George are not made welcome.”