Tom Hicks Is Unfreakingstoppable, or: Have You Seen His Latest Plan for Liverpool?
A week ago today we told you thatthe Royal Bank of Scotland has given Tom Hicks till October 6 to find a buyer for Liverpool FC
, or else it's taking over. Hicks and George Gillett owe the bank £237 million. Hicks and Gillett want £800 million for the club, said to be worth about £150 mil at this late date (can't imagine why). Hicks has said he wants to make up his losses on the Texas Rangers and Dallas Stars' sales using Liverpool ka-ching.Riiiight
. Long story short: The bank wants its scratch. That's that.
Well, ESPNSoccernet brings word this morning of Hicks's "refinancing power play": In short, he's proposing to buy out RBC's note, lest it take control of the team at the beginning of next month and knock him back to his Walnut Hill manse. And how's he plan to do that? "He is hoping to raise funds from US banks to raise the funds to buy out RBS, possibly using the players and stadium as collateral." To which the Liverpool FC board said, and I'm paraphrasing here: Are you out of your fooking mind?
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Observer's biggest stories.