Premier League - Fans rally against Liverpool owners

Eurosport - Sat, 06 Jun 10:25:00 2009

The debts of Liverpool's parent company, owned by Tom Hicks and George Gillett, have cast a cloud over the club's future according to auditors and sparked a fans group to campaign for their removal.

FOOTBALL 2008-2009 Premier League Liverpool owners George Gillett (r) and Tom Hicks (l) - 0

The annual accounts for Kop Football (Holdings) Limited released by Companies House on Thursday showed a loss of £42.6 million last year mainly due to interest payments to service the debt taken out to buy the club.

The Premier League club's auditors KPMG LLP said remaining uncertainty over the refinancing of an existing £350m loan before the July 24 deadline "may cast significant doubt on the group's and parent company's ability to continue as a going concern".

Spirit Of Shankly, a 'Liverpool Supporters Union' responded by asking fans to take action to try to remove the American owners, who they believe do not pass the League's "fit and proper persons" rule.

The group is urging fans to write to Royal Bank Scotland, and their members of Parliament, in a bid to stop the bank re-financing the loans.

John Mackin, spokesperson for Spirit Of Shankly, said: "Fans are angry and rightfully so. This campaign is the next step in our fight to remove Hicks and Gillett. More and more people are supporting us in this fight, and it is little wonder given the financial mess they have got us into."

The accounts for the year ending July 2008 showed Liverpool made a £10.2m profit but Kop Football (Holdings) Limited lost money after paying £36.5m in interest.

Despite Liverpool posting a record turnover of £159.1m, the club's net debt - not including that of the holding company - jumped from £43.9m £86m.

The accounts also showed the net debt of Kop Football (Holdings) Ltd rose to £299.5m.

KPMG said the club's owners Hicks and Gillett, who took control of Liverpool for £218.9m in February 2007, were confident of securing a refinancing deal.

In their notes to the accounts KPMG said: "The group has credit facilities amounting to 350 million which expire on 24 July 2009. The directors have initiated negotiations to secure the replacement finance required by the group and these negotiations are ongoing.

"These conditions... indicate the existence of a material uncertainty, which may cast significant doubt upon the group's ability to continue as a going concern, and it may therefore be unable to realise assets and discharge liabilities in the ordinary course of business.

"Nevertheless, after making full inquiries and considering the uncertainties described above, the directors have a reasonable expectation that the group will secure adequate

resources to enable the group to continue in operational existence for the foreseeable future."

Reuters

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  1. CONCENTRATE ON YOUR OWN TEAM LIVERPOOL
    TYPICAL ALLWAYS­ TALKING ABOUT OTHER TEAMS BUT NEVER YOURSELF
    IF YOU­ CANT HANDLE THAT YOU ARE IN DEBT AND YOU HAVE NO­ SILVERWEAR TO HELP WITH THE REVENUE THEN YOU ONLY HAVE­ YOUR CLUB TO BLAME STOP TALKING ABOUT EVERY OTHER CLUB­ AND THIER SITUATION
    I WAS GOING TO SAY I HOPE THAT THE­ FINANCES GETS SORTED FOR YOUR CLUB SO MAN UNITED CAN­ BATTER YOU AGAIN NEXT SEASON BUT AFTER READING SOME­ LIVERPOOL COMMENTS ACTUALLY MAYBE THE LEAGUE WOULD BE­ BETTER OF WITHOUT YOU

    From reddevils_4life99, on Mon 8 Jun 2:25PM

  2. CONCENTRATE ON YOUR OWN TEAM LIVERPOOL
    TYPICAL ALLWAYS­ TALKING ABOUT OTHER TEAMS BUT NEVER YOURSELF
    IF YOU­ CANT HANDLE THAT YOU ARE IN DEBT AND YOU HAVE NO­ SILVERWEAR TO HELP WITH THE REVENUE THEN YOU ONLY HAVE­ YOUR CLUB TO BLAME STOP TALKING ABOUT EVERY OTHER CLUB­ AND THIER SITUATION
    I WAS GOING TO SAY I HOPE THAT THE­ FINANCES GETS SORTED FOR YOUR CLUB SO MAN UNITED CAN­ BATTER YOU AGAIN NEXT SEASON BUT AFTER READING SOME­ LIVERPOOL COMMENTS ACTUALLY MAYBE THE LEAGUE WOULD BE­ BETTER OF WITHOUT YOU

    From reddevils_4life99, on Mon 8 Jun 2:25PM

  3. CONCENTRATE ON YOUR OWN TEAM LIVERPOOL
    TYPICAL ALLWAYS­ TALKING ABOUT OTHER TEAMS BUT NEVER YOURSELF
    IF YOU­ CANT HANDLE THAT YOU ARE IN DEBT AND YOU HAVE NO­ SILVERWEAR TO HELP WITH THE REVENUE THEN YOU ONLY HAVE­ YOUR CLUB TO BLAME STOP TALKING ABOUT EVERY OTHER CLUB­ AND THIER SITUATION
    I WAS GOING TO SAY I HOPE THAT THE­ FINANCES GETS SORTED FOR YOUR CLUB SO MAN UNITED CAN­ BATTER YOU AGAIN NEXT SEASON BUT AFTER READING SOME­ LIVERPOOL COMMENTS ACTUALLY MAYBE THE LEAGUE WOULD BE­ BETTER OF WITHOUT YOU

    From reddevils_4life99, on Mon 8 Jun 2:25PM

  4. CONCENTRATE ON YOUR OWN TEAM LIVERPOOL
    TYPICAL ALLWAYS­ TALKING ABOUT OTHER TEAMS BUT NEVER YOURSELF
    IF YOU­ CANT HANDLE THAT YOU ARE IN DEBT AND YOU HAVE NO­ SILVERWEAR TO HELP WITH THE REVENUE THEN YOU ONLY HAVE­ YOUR CLUB TO BLAME STOP TALKING ABOUT EVERY OTHER CLUB­ AND THIER SITUATION
    I WAS GOING TO SAY I HOPE THAT THE­ FINANCES GETS SORTED FOR YOUR CLUB SO MAN UNITED CAN­ BATTER YOU AGAIN NEXT SEASON BUT AFTER READING SOME­ LIVERPOOL COMMENTS ACTUALLY MAYBE THE LEAGUE WOULD BE­ BETTER OF WITHOUT YOU

    From reddevils_4life99, on Mon 8 Jun 2:25PM

  5. Comment hidden due to its low rating. Show
    These are­ dark times for Liverpool Football Club and­­­ their­ long-suffering, hopelessly deluded, hopelessly­­­­ misguided band of supporters.

    Without a trophy to­­­­ celebrate for years, Liverpool fans are now faced­­­­ with the possibility their storied club could­­­ disappear­ from the face of the earth­ altogether.

    The­­ news came­ just days after the most­ successful club in­­ top-flight­ history missed out on­ Gareth Barry - who­­ went to a club­ with more ambition­ in Manchester­­ City.

    It comes on the­ back of a­ Premier League­ season­ that saw Liverpool­ stumble­ like a startled­ goat from­ the summit and hand­ bitter­ rivals­ Manchester United­ yet another title. ­­ GENTLEMEN,­ THESE ARE GREAT DAYS.­ mmmmmm00000000se!

    From Mmmm000se, on Sun 7 Jun 8:48PM

  6. jesper_larson: These are might be a dark time for LFC,­ but­ WE didn't afraid of the DARK!!. What the­ hell does mean? YNWA You'll Never Win Anything. LFC­ = YAWN.

    From Mmmm000se, on Sun 7 Jun 8:44PM

  7. why are you all concerned about the other top 3 teams­ and their finances, it does,nt make our balance sheet­ any better. The fact remains the 2 money grabbing yanks­ have not put their hands in their own pockets for 1 red­ cent!, they put the debt onto the club "something­ they promised they would not do".They had offers­ to buy the club and make a reasonable profit but they­ are too greedy they want it all lets hope they do not­ get the financing to cover the debt and the bank steps­ in and sells it to someone who has "love" for­ the club

    From tom.lewis46, on Sun 7 Jun 7:57PM

  8. "When you walk through a storm hold your head up­ high"
    "And don't be afraid of the­ dark"
    "At the end of a storm is a golden­ sky"

    These are might be a dark time for LFC, but­ WE didn't afraid of the DARK!!.

    From jesper_larson, on Sun 7 Jun 4:26PM
  9. Comment hidden due to its low rating. Show

    These are dark times for Liverpool Football Club and­­­ their long-suffering, hopelessly deluded, hopelessly­­­ misguided band of supporters.

    Without a trophy to­­­ celebrate for years, Liverpool fans are now faced­­­ with the possibility their storied club could­­ disappear­ from the face of the earth altogether.

    The­­ news came­ just days after the most successful club in­­ top-flight­ history missed out on Gareth Barry - who­­ went to a club­ with more ambition in Manchester­­ City.

    It comes on the­ back of a Premier League­ season­ that saw Liverpool­ stumble like a startled­ goat from­ the summit and hand­ bitter rivals­ Manchester United­ yet another title. ­ GENTLEMEN,­ THESE ARE GREAT DAYS.­ mmmmmm00000000!

    From Sid, on Sun 7 Jun 3:47PM
  10. Comment hidden due to its low rating. Show

    Man United needn't worry about there debt as the­ wage bill was well under 50% of thier annual turnover,­ they made a £56mill profit and turnover rose to to­ £368mil. They would have been the most profitable team­ in the world again had the pound not dropped against­ the euro, (Real were richest for this reason only)

    The­ glaziers are astute business men and I really don't­ think there's much to worry about, although not­ ideal situation, all of Englands top clubs and even­ lower clubs are owned by these rich business men,­ (apart from Arsenal, which is now just a matter of­ time) Man United football club is now worth an­ estimated £1.2 billion.
    I would rather we were owned by­ someone else, however I feel looking at Liverpool and­ the constant bickering we are rather lucky. Man United­ is very well run and we still have some of the lowest­ ticket prices in League, we've been spolit with­ success recently thanks to the fact that they have let­ the mighty SAF run the club, with full control, they­ trust him to do what's best, when they eventually­ sell up we will still be in a very good position, and a­ very attractive business to potential buyers. I feel­ for Liverpool although not alot, every season this­ happens, it would seem both owners went in with their­ eyes closed..... Man Utd for life

    From chris r, on Sun 7 Jun 12:25PM

  11. It does seem many Man U fans cannot read a balance­ sheet the debt Man u have been saddled with by the­ Glazier family is growing due to the fact they are only­ paying interest on a 75% portion of the debt and the­ "overhang is growing year on year.
    At some point­ in the not to distant future this debt along with the­ other 75% will have to be restructured to allow it to­ be paid off as at the moment it is an interest only­ "mortgage"
    Arsenal's debt is getting paid­ off and they have the most favorable interest rate of­ the three they have come a little unstuck due to the­ collapse of the property markets as they have not as­ yet sold all the Highbury Sq development, but it does­ not need to be restructured and is a 25 yr mortgage­ against the Emirates stadium.
    Chelsea yes on paper they­ have debt they operate at a greater cost than their­ income but this is at the moment all covered with­ interest free loans from their owner they would have­ very very serious problems should their owner get fed­ up

    From LEX, on Sun 7 Jun 11:07AM
  12. Comment hidden due to its low rating. Show

    Chelsea's debt is in the form of interest free­ loans from the owner which is massively different from­ Liverpool's predicament. True the risk of Abramovic­ pulling out is there but it is a far far less worrying­ situation than Liverpools, short term I don't think­ you will see any big signings long term possibly­ another takeover...in the meantime Chelsea and United­ will probably get stronger.

    From lisa.watcham, on Sun 7 Jun 8:36AM

  13. "Manchester United and Chelsea were by far the­ most indebted, owing £699m and £701m respectively,­ Arsenal were third, with £416m debts"
    LFC :­ £299.5m...
    So what???

    From jesper_larson, on Sun 7 Jun 8:04AM
  14. Comment hidden due to its low rating. Show

    there is only one DAZMANUTD on yahoo the imitators wish­ they were me but arent they dont have my style or wit­ my intelligence or vocabulary and never will so sports­ fans be aware they try to steal my id and twin up my­ username but we all know who the real deal is its­ DAZMANUTD the one and only not the fake @#$% scouse­ scummer who pretends he is me peace im out laters chaps­ ha ha lol lol lol lol lol

    From DAZGGMU-RED-LEGEND-OF-YAHOO, on Sun 7 Jun 12:05AM
  15. Comment hidden due to its low rating. Show

    ALL THE GIRLY SCOUSERS HAVE THROWN IN THE TOWEL ALREADY­ HA HA WHAT A BUNCH OF WANKSTAINS I WOULD BE EMBARRASSED­ IF I GAVE UP THAT EASY I WOULD DEFEND THE HONOUR OF­ UNITED WITH ALL MY HEART BUT THEN IM NOT A SCOUSE­ SCUMMER AM I IM UNITED TILL I DIE HA HA HA HA LOSERPOOL­ ARE S=H=I=T=E HA HA LOL LOL LOL

    From , on Sat 6 Jun 11:50PM
  16. Comment hidden due to its low rating. Show

    where is darren m and genitalwarts hmmmm thats a­ FLACCID MEMBER said genital to darren yeah said darren­ now bend over please ha ha ha filthy renters lol lol­ lol lol lol lol

    From , on Sat 6 Jun 11:45PM
  17. Comment hidden due to its low rating. Show

    some people have just got no originality with there id­ name there boring not like my carefully thought out and­ worded id ha ha no self respecting scouse scummer would­ twin that one up would they now ha ha ha lol lol lol­ lol lol

    From , on Sat 6 Jun 11:44PM
  18. Comment hidden due to its low rating. Show

    my favourite game is squash whats yours ha ha lol lol­ lol lol

    From , on Sat 6 Jun 11:44PM
  19. Comment hidden due to its low rating. Show

    No, NO donut_jones i support Liverpole,all @#$%'s­ support Liverpole just ask that rc-alcrack.­ hehehehehehehehe

    From , on Sat 6 Jun 11:44PM
  20. Comment hidden due to its low rating. Show

    i love squashed tomatoes ha ha lol lol lol lol

    From , on Sat 6 Jun 11:44PM
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