Saturday, August 14, 2010

Liverpool To Be Hit With £60m Bill If No Buyer Found By October

No firm bids are expected for Liverpool on Friday, the self-imposed deadline set by chairman Martin Broughton, according to a report from The Guardian.

That means that the club's owners Tom Hicks and George Gillett will be hit with another £2.5 million in fees from Royal Bank of Scotland (RBS), the amount the club are apparently being charged by the bank for every week the club is not sold.

The £2.5m weekly penalties have apparently been imposed on Hicks and Gillett's holding company Kop, as part of the refinancing last April of £237m in loans from RBS.

Those weekly penalties will have added up to £60m, the report claims, if the club has not been soled by October 6 when the loan expires.

That would apparently mean that RBS will have acquired more than £200m in interest and fees since February 2007, when it loaned the Americans £185m to buy the club.

According to the report, the accumulating fees are charged to Hicks's and Gillett's holding company. They will become due for repayment by the owners if and when the club is finally sold.

Meanwhile, the report also claims that Yahya Kirdi's possible bid for the club is to be delayed.

Reports had claimed this week that his bid was backed by a member of the ruling family of Sharjah, which yesterday announced the death of Sheikha Maryam al-Shamsi, the mother of Sharjah's ruler, Sheikh Sultan bin Mohammed al-Qassimi.

That means that no business will be conducted during the seven days of mourning following the bereavement.

Hong Kong-based businessman Kenneth Huang, another possible purchaser of the club, is yet to provide Reds chairman Martin Broughton with a detailed proposal that also provides proof that the cash is there to buy the club.

Huang has confirmed though that his consortium is interested in bidding for Liverpool.

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