Shortly after the “independent” members of the Liverpool FC board had issued a statement through the club’s official website about their fight with co-owner Tom Hicks, the Texan issued a statement of his own.
It didn’t appear on the club’s official site.
And George Gillett remains in hiding, even if the statement is claimed to come from both owners.
Hicks’ statement said:
In April, we confirmed our agreement to sell Liverpool Football Club, and appointed a new chairman and advisers to oversee the process.
At that time we and Martin Broughton stated our commitment to finding the right buyer for LFC, one that could support and sustain the club in the future. We remain committed to that goal.
The owners have invested more than $270 million in cash into the club, and during their tenure revenues have nearly doubled, investment in players has increased and the club is one of the most profitable in the EPL.
As such, the board has been presented with offers that we believe dramatically undervalue the club.
To be clear, there is no change in our commitment to finding a buyer for Liverpool Football Club at a fair price that reflects the very significant investment we’ve made.
We will, however, resist any attempt to sell the club without due process or agreement by the owners.
The “cash” referred to was actually lent to the club and its parent companies through inter-company loans. Instead of being committed as equity, it was lent to the club, the owners perhaps hoping they would be afforded more protection that way.
The club’s statement reported that Hicks had tried to force Christian Purslow and Ian Ayre off the board, in the hope of replacing them with his son Mack and the new lady in the Hicks Holdings boardroom, Lori McCutcheon. Casey Coffman left the Hicks camp in allegedly controversial circumstances earlier in the year.
The club’s statement referred to the offers as “excellent financial offers”. Although their resistance of Hicks’ attempts to overthrow them is to be applauded, there is a concern that their opinion of what constitutes an excellent offer may not match that of the fans.
The Board of Directors have received two excellent financial offers to buy the Club that would repay all its long-term debt. A Board meeting was called today to review these bids and approve a sale. Shortly prior to the meeting, the owners – Tom Hicks and George Gillett – sought to remove Managing Director Christian Purslow and Commercial Director Ian Ayre from the Board, seeking to replace them with Mack Hicks and Lori Kay McCutcheon.
This matter is now subject to legal review and a further announcement will be made in due course.
Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity.
A video released shortly before the club issued its statement sent a clear message to Hicks: “Go”.
Hicks’ best option of forcing the board out is to find someone other than RBS to refinance the debt. His actions tonight would suggest he’s failed to achieve that. Many are describing his efforts as the hallmark of a desperate man.
Of course H&G are desperate to not allow a sale which will effectively mean their retirement will have to be found else where. As an icon of British history, LFC must be not allowed to be refinanced or allow these 2 in power any more. RBS have a duty now to make sure they call in the loan and force out H&G. I cannot stress what kind of implications it would have on the people and the area of Liverpool should LFC cease to exist. People forget LFC brings business to the local areas not to mention is a valued employer to a number of people. If the government and the bank had any decency themselves, they would force H&G out period. If LFC fails then it is purely down to RBS and the government. I would immediately call for the boycott of RBS and would urge all to close their accounts. We’ll see how it feels on the other foot.
I think hehas a f*cking cheek, he has put f*ck all of his own money in and just borrowed.
He has tried to sack Purslow and Ayre so they couldn’t over rule him, but they have and they have every right to do so.
Can I just ask Jim, if you still think that Purslow is the baddy everyone makes him out to be?
Great news possibly Jim, but do you still think that the board i.e. MB, CP are as bad as they are being made out to be. I think they may have redeemed themselves with this one.
Would also like to add that my posts are being put into moderation
this is still awaiting moderation:
but for some reason I can now post?
I think hehas a f*cking cheek, he has put f*ck all of his own money in and just borrowed.
He has tried to sack Purslow and Ayre so they couldn’t over rule him, but they have and they have every right to do so.
ONE WORD FOR HIM GOBS***E
Mr F – you swore in your comment so it went into moderation. I censored it and it’s now on show.
That’s not a prompt to test it out!
Purslow. He’s done his job (if it goes through) – time to go. We need someone who knows football well in the boardroom, not someone who needed help from a big-hitter to do get new money into the club.
He’s got a lot of explaining to do. Or he can just go. (In my view).
For reference purposes, I’m told that Hicks thought £450m would bring a return that saw them walk away on a break-even footing. The ‘accepted’ offer of £300m, even allowing for some reduction in what RBS will receive, shows just how far away they were from what seems to be reality.
All the arguing in the world can’t dispute – the best offer the club was for £300m.
the royal bank of scotland, who was funded by bail
out of the country, with taxs payers money therefore
the country own liverpool fc not hicks and his puppet