Bank defends new Anfield deal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Royal Bank of Scotland have taken the unusual step of defending themselves ahead of a widely anticipated decision to refinance £350m of debt for Liverpool's owners George Gillett and Tom Hicks, pointing out to fans that they insisted the Americans took out personal guarantees when agreeing to lend to them 18 months ago.
The Spirit of Shankly group has led lobbying efforts to persuade the bank, currently in Government hands, to refuse the Americans the refinancing when the current deadline on existing loans expires next month. But the bank have taken the step of pointing out their wider support to the club. "We took great care when making our original loan in early 2007 and when refinancing it last January to distinguish between obligations of the club and obligations of its parent company, the latter being secured by personal guarantees and collateral from the owners and a pledge of the shares they own in the club," the bank said.
Hicks and Gillett currently pay around £35m a year in interest on their loan and auditors KPMG recently expressed concern over the level of debt being incurred by Kop Football Holdings, Liverpool's parent company, after they posted losses of £42.6m in the year ending July 2008.
Liverpool yesterday confirmed the signing of the England full-back Glen Johnson for £17m from Portsmouth.
Andrei Voronin has said he wants to return from his loan period at Hertha Berlin and "conquer Europe" with Liverpool, though manager Rafael Benitez may wish to sell the £4m striker to raise cash for further purchases.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments