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EPL Franchise Notes: Gillett Reportedly May Sell Liverpool Stake
Published October 8, 2009
|Gillett Reportedly Flying To
Saudi Arabia To Discuss Bid
TIME TO MOVE ON? In Manchester, Daniel Taylor reports former Manchester United Chair Martin Edwards, who is "now a life honorary president," has become the "first dissenting voice at boardroom level to question the way the club is being run by the Glazer family." Edwards "described the Glazers as having 'behaved fairly well' but he is also alarmed that ... United have accrued debts of around" US$1.1B. Edwards: "It concerns me that the club are in so much debt. The club are not in control; that family are in control of the debt. ... The crunch time will come when they (the Glazers) exit. Will they saddle the club with the debt or just sell the club on for a profit because that's all they are interested in?" (Manchester GUARDIAN, 10/8).
HIGH COURT CLAIM: In London, Richard Fletcher reports investment bank Seymour Pierce "has filed a High Court claim against" Hong Kong-based investment company Grandtop Int'l, which is controlled by Carson Yeung, who "took control of Birmingham City earlier this month." Seymour Pierce claims that Grandtop "agreed to pay a [US$3.5M] success fee to Seymour Pierce when it appointed the bank to advise the investment company on the acquisition of Birmingham City" in '07. While Seymour Pierce was "not involved in the recent takeover, the bank claims that its contract still entitles it to the multi-million pound success fee" (London TELEGRAPH, 10/8).