SBD/Issue 19/Franchises

EPL Franchise Notes: Gillett Reportedly May Sell Liverpool Stake

Gillett Reportedly Flying To
Saudi Arabia To Discuss Bid
In London, Alan Nixon reports Liverpool co-Owner George Gillett reportedly is "flying to Saudi Arabia next week for talks in a bid to sell" his 50% stake in the club to Prince Faisal bin Fahd bin Abdullah al-Saud. Gillett is "due to arrive in the Middle East on Wednesday and is scheduled for a three-day stay to sort out the deal with the Prince's advisers and his financial company F6 Sports." There are "no figures being released on what Gillett is looking to get for his share in Liverpool but it is anticipated that the deal will be good enough to get him out of his current hole" (London DAILY MIRROR, 10/8). F6 Sports Dir of Strategic Investments Barry Didato said Prince Faisal's share in Liverpool "could go from anything from nought to 100%." But Didato added Faisal "cannot be seen as a solution to the debt or problems in the existing relationship between the owners" (BBC.co.uk, 10/8).

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).

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