Monday, October 06, 2008

Work On Liverpool Stadium Halts

Building work on Liverpool's new stadium has been halted because of the credit squeeze, but chief executive Rick Parry said the project isn't in danger.

While Liverpool's ownership and financial future remains in doubt because of the continued discord between American co-owners Tom Hicks and George Gillett Jr., the worldwide crisis in the money markets have added to the problems facing the club.

"With the financial markets in the turmoil as they are, any major construction project at this time is difficult, it is risky,'' Parry told BBC Radio.”It is a case of a delay while things settle down. It is still a very, very good long term project. The economics of it still make underlying sense.''

Liverpool has planning permission to build a 60,000-seat stadium close to its current 45,000-capacity home at Anfield and hopes to increase it to 73,000. Building work has barely started on the Stanley Park site, however, and delays to the project have led to speculation that Hicks and Gillett, who remain in a dispute over the ownership of the club, have run into cashflow problems.

Parry said there were no intentions of making any major alterations to the project or groundshare with neighbor Everton, its most traditional and most bitter rival.

"I do not see any change in direction or any change in plans, and groundshare is not back on the agenda,'' said Parry, who added that there were no significant moves expected in the ownership dispute which has been dragging on for almost a year.

Hicks is blocking Gillett's moves to sell his 50 percent share to outside organizations.

"It has gone quiet and everyone is delighted,'' Parry said.”The focus at Liverpool should only ever be on football. All is relatively stable, I am not aware of anything that is happening regarding the sale of the club at this moment. My focus is on day-to-day things and making sure we deliver.''

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