Wednesday, September 23, 2009

Liverpool Owner Hicks Promises To Better Chelsea, Manchester United & Arsenal

Tom Hicks, the co-owner of English Premier League soccer club Liverpool, has vowed to reduce the club's debt, created when he bought the team with his co-owner George Gillett, and insists the club will have less debt than any of its rivals in England's 'big four' - Manchester United, Chelsea and Arsenal.

There were worries this summer that the banks RBS and Wachovia would refuse to refinance the club's loans, while the club's accountants issued a public warning about its finances despite record revenues. However, Hicks has dismissed those concerns.

"You have to look cash flow rather than accounting," insisted Hicks in an interview with Associated Press, "and we intend to operate Liverpool where it has a very strong positive cash flow so we have the resources to be as competitive as possible on the pitch - that's our commitment.

"We had strong, positive cash flows last year. Our debts levels are at a very comfortable level and we are going to continue bringing it down. Our goal is to have less debt than any of the top clubs and that's a commitment we have made and will continue to make."

Earlier this month the club secured a world record shirt sponsorship deal with Standard Chartered worth more than US$130 million over the next four years.

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