American businessman Tom Hicks, the co-owner of English soccer club Liverpool, says the team will not receive increased investment after he sells his Texas Rangers Major League baseball franchise.
More specifically, the proceeds of the sale - certain to be over US$500 million - will not go towards the financing of the club's proposed new stadium in Stanley Park, which is unlikely to be ready much before 2018.
"Rangers and Liverpool are totally separate investments, so there is no connection," said Hicks. "Liverpool will obtain stadium financing when the financial market opens back up. We have all of our permits and will be ready when the market is ready."
Hicks' co-owner at Liverpool, George Gillett, is also set for a major windfall from the sale of one of his sports properties, the Montreal Canadiens.
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