by Ciggy » Sat Jan 26, 2008 12:46 am
Times have fallen for Hickspin a little bit. At least the headline writer did...
From The Times
January 26, 2008
Rafael Benitez given backing of Liverpool’s bosses at last
Rafael Benítez received the long- awaited public backing of Liverpool’s American owners yesterday as George Gillett Jr and Tom Hicks sought to bring an end to the turmoil that has surrounded their regime.
On a day when Hicks and Gillett secured their immediate future at Liverpool by formally announcing a £350 million refinancing package and revealing fresh designs for the club’s new stadium, the vote of confidence afforded Benítez was perhaps the most significant development of all, although it has done little to quell the belief that the manager has no long-term future under the Americans.
Nor is such a charm offensive likely to be enough to win back the goodwill of supporters that has been lost during a turbulent eight-week period in which the Americans attracted fierce criticism for admitting that they had approached Jürgen Klinsmann, the former Germany coach, about succeeding Benítez as Liverpool manager.
As the Spaniard prepares for the FA Cup fourth-round visit of Havant & Waterlooville today, the apparent newfound commitment of Hicks and Gillett will no doubt be welcomed, although it is likely to be put to the test when they are asked to fund the permanent signing of Javier Mascherano. The owners are thought to have misgivings about the £17 million asking price for the Argentina midfield player, but a deal is expected to be completed.
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Strangely, there was no mention of Gillett’s name on the statement issued yesterday by Kop Football (Holdings) Limited, the company the Americans set up to buy the club in February last year. Instead it was left to Hicks, once again, to speak for the two of them.
“Since the meeting with Rafa on December 16, at which some widely reported communications issues were discussed, Rafa has been assured that he has continuing and enthusiastic support,” Hicks said. “Rafa is under contract for two more seasons following this season. I am solidly behind Rafa and confident of the team’s prospects under his leadership.”
While the refinancing package with Royal Bank of Scotland and Wachovia, which will allow the club to commence work on a 71,000-capacity stadium in Stanley Park, is expected to provide some much-needed stability at Anfield, it is unlikely to mean an end to the attempts by Dubai International Capital (DIC) to buy the club.
Many supporters still hope that Gillett and Hicks may eventually sell to DIC, the private-equity arm of the Dubai Government, as doubts persist about their long-term tenability as partners, not to mention the level of debt being incurred. Of the £350 million, £105 million will be saddled on the club after Rick Parry, the chief executive, and David Moores, the former chairman, blocked attempts to load the entire amount. It is thought that Liverpool will have to foot the interest on the loans, thought to total £28-£30 million annually.
The other £245 million has been secured against Gillett and Hicks’s Kop Holdings company, with the Americans thought to have increased their personal guarantees from about £30 million to £55 million each.
It is intended that the new loan will allow them to pay off the £298 million they have borrowed in the 12 months since buying the club, absorb existing debts of £44.8 million and commence work on the new stadium, which will still feature an 18,500-seat Kop but is smaller than on the original plans.
With a further £300 million likely to have to be raised to complete the stadium by August 2011, however, the prospect of big spending on players before then appears to be slim.
Counting their losses
The most indebted top-flight clubs (including debts held by holding companies and internal debts)
Manchester United: £550m
Liverpool: £350m
Arsenal: £272m
Chelsea: £270m
Fulham: £159m
There is no-one anywhere in the world at any stage who is any bigger or any better than this football club.
Kenny Dalglish 1/2/2011
REST IN PEACE PHIL, YOU WILL NEVER BE FORGOTTEN.
out of my club and us supporters by lying and making my club a laughing stock 
So you don't believe in the tooth fairy either then Nanny 
I never said anything about fergie, and I never said anything about not supporting rafa.
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