Hicks, Gillett Granted Six More Months To Repay Liverpool Loan
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Gillett (l), Hicks (r) Now Have Until July
To Repay Or Refinance Loan |
English Premier League (EPL) club Liverpool FC co-Owners Tom Hicks and George Gillett have been "granted a six-month period of grace to repay" their US$511.5M loan to the team's lenders, Wachovia and the Royal Bank of Scotland (RBS), according to Matt Scott of the Manchester GUARDIAN. The loans, provided in January '08 as "'working capital' to run Liverpool" and including US$87.5M toward construction of a new stadium, were due to be repaid or refinanced by January 25, but the banks have "deferred the deadline." The deferral came "following a written request" from Hicks and Gillett, and a new deadline has been set for July 24. Scott notes while this provides "breathing space in the short term, it is unclear how RBS-Wachovia will deal with the loan in the summer." City of Liverpool sources expect that "even if RBS-Wachovia agree to renegotiate the debt in July they are likely to demand a very large fee, which will further increase Liverpool's indebtedness" (Manchester GUARDIAN, 1/6).
SINGING THE BLUES: In London, Henry Winter examines EPL club Chelsea FC and its owner, Roman Abramovich, under the header, "Is Roman Abramovich Tiring Of Chelsea?" Some people are "convinced the Russian might simply have fallen out of love with Chelsea, that the heartbreak" of losing in the final of last season's UEFA Champion's League was "just too much." Chelsea fans are "wondering about their owner's aims," and they "deserve some signal from the benefactor about the depth of his passion for the club." Abramovich "traditionally eschews public pronouncements but the increasing chatter about his intentions needs addressing" (London TELEGRAPH, 1/6).
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