Saturday, March 13, 2010

Liverpool Co-Owner Tom Hicks Loses Billionaire Status


Liverpool's co-owner Tom Hicks has lost his billionaire status, according to Forbes magazine's latest rich list. However, the Texan businessman was still ranked the 701st richest man in the world, with an estimated fortune of around $950m (£620m).

The American, who also owns the Dallas Stars ice hockey franchise, has already agreed a deal to sell the Texas Rangers baseball team for £310m. However, he appears in no hurry to offload his 50% share in Liverpool, despite increasing pressure from disillusioned supporter against the way he and his co-owner George Gillett have run the club.

"We all know about his problems with his sports clubs here in the US and over there in England," the Forbes senior editor, Matthew Miller, told the Liverpool Echo. "He has had some debt problems. He has only just missed the cut [to be classed as a billionaire]. We think he is a $900m-950m guy."

Hicks and Gillett owe Royal Bank of Scotland £237m and have been unable to raise the money needed to build the club's proposed stadium at Stanley Park. They looking to raise £100m through outside investment by the summer as RBS have requested they slash the amount of their debt.

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