George Gillett Looking To Refinance $75M In Personal Debt
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Writers Wonder If Gillett's Debt
Will Impact Canadiens As Well |
Canadiens Owner and EPL club Liverpool FC co-Owner George Gillett is "trying to refinance $75[M] of personal debt that pledges his interest in the soccer team as collateral," according to sources cited by Daniel Kaplan of SPORTSBUSINESS JOURNAL. The money is due late next month unless Gillett "can work out a new deal." A Uniform Commercial Code debtor search in Delaware indicated that Gillett "borrowed the money on Jan. 25 from Mill Financial," a unit of Virginia-based lender Springfield Financial Co. The money was used to fund an "equity infusion for [Liverpool] required by creditors." That Gillett "finds himself trying to buy a note from a relatively obscure Virginia lender underscores the degree of financial difficulty" he and Liverpool co-Owner Tom Hicks have encountered since buying the team in '07 (SPORTSBUSINESS JOURNAL, 12/1 issue). The GLOBE & MAIL's Gordon & Waldie report the loan "doesn't directly involve Gillett's separate ownership of the Canadiens," but it is "clear that the global credit crunch is having an impact on his other businesses, and could well splash onto the NHL team, which continues to carry" an estimated C$240M in arena debt for the Bell Centre. If Gillett's other interests "begin to collapse, it will heap added financial pressure on the Canadiens and concert revenues from the Bell Centre, and only fuel speculation over his continued ownership" (GLOBE & MAIL, 12/3).
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