A group of Liverpool fans are threatening to boycott the Royal Bank of Scotland if it extends its refinancing deal with the club.
Liverpool FC co-owners Tom Hicks and George Gillett have until July 24 to repay the remaining £237million borrowed from RBS and American investment bank Wachovia that they have leveraged against the club's assets.
Despite pledges to the contrary, Hicks and Gillett have set a total of £350million worth of debt against the club that was around £44million in the red when they took control from David Moores in February 2007.
Now, some Reds fans are urging the bank to call in the debt this summer in the hope it will force the Americans to sell the club.
An e-mail addressed directly to RBS chief executive officer, Stephen Hester, has been replicated and signed by individual Liverpool fans, angry at the bank's involvement.
The e-mail has also been copied to other senior figures at the bank and Liverpool FC, including Hicks and Gillett, plus city council leader Warren Bradley.
It reads: "Having reviewed the company accounts in relation to Liverpool Football Club and Parent Company Kop Football Ltd, of which there is approximately £237m worth of debt; it is clear that the business model operated by the current owners Tom Hicks and George Gillett is unsustainable.
"Whilst I appreciate that any refinancing package deal is a confidential matter between the Royal Bank of Scotland and the current owners of Liverpool Football Club, it is also a very personal issue for many Liverpool supporters around the world.
"There is an ever increasing sense of anger and resentment towards the owners Tom Hicks and George Gillett, which is likely to turn towards RBS if the refinancing deal is extended in the coming months.
"It is my understanding that if the refinancing deal is renegotiated beyond July 2010, then a campaign in protest against the Royal Bank of Scotland will take place which will include billboards with anti-RBS messages encouraging Liverpool Fans to Boycott RBS in a similar manner to the Boycott of the Sun Newspaper.
"We as supporters of Liverpool Football Club are effectively paying the loan repayments for Hicks and Gillett, and as taxpayers have a "controlling stake" in RBS. We should therefore have a say in where our money is being invested.
"The ball is firmly in your court."
Links to a website supporting a campaign to boycott The Sun are included in the e-mail as well as a link to the Liverpool Supporters Union, Spirit of Shankly, website.
Spirit of Shankly have previously threatened similar action against the Royal Bank of Scotland when Hicks and Gillett secured a £350m refinancing package in January 2008, a move which saddled Liverpool with annual interest payments of £30m.
However, although some of the fans behind the latest campaign are members of Spirit of Shankly, SOS says this latest move to oust Hicks and Gillett is not official union action.
An SOS spokesperson told the Echo: "Whilst we appreciate the intent behind this action it is not something the recent AGM or management committee have considered."
Hicks and Gillett have successfully sought several repayment extensions from RBS and Wachovia.
In January 2009 they exercised terms under the loan agreement to extend it for a further six months until July 24 that year. After that, further extensions were thought to be unlikely.
Instead, the Americans again refinanced with RBS and Wachovia, granting themselves a further 12 months to July 24 2010 to repay the debt.
Following concerns expressed by club accountant, KPMG, about Liverpool's ability to operate efficiently with such a burden of debt, a condition was written into the latest agreement that £60m in equity must be provided to reduce Liverpool's outstanding liabilities to around £250m.
That was achieved last year but the banks are known to have put pressure on Hicks and Gillett to attract third party investment to the club.
Investment banks Rothschild and Bank of America Merrill Lynch have been brought in to help with the search, while Liverpool managing director, Christian Purslow, is looking to bring in £100m of investment before the July deadline.
Liverpool FC co-owners Tom Hicks and George Gillett have until July 24 to repay the remaining £237million borrowed from RBS and American investment bank Wachovia that they have leveraged against the club's assets.
Despite pledges to the contrary, Hicks and Gillett have set a total of £350million worth of debt against the club that was around £44million in the red when they took control from David Moores in February 2007.
Now, some Reds fans are urging the bank to call in the debt this summer in the hope it will force the Americans to sell the club.
An e-mail addressed directly to RBS chief executive officer, Stephen Hester, has been replicated and signed by individual Liverpool fans, angry at the bank's involvement.
The e-mail has also been copied to other senior figures at the bank and Liverpool FC, including Hicks and Gillett, plus city council leader Warren Bradley.
It reads: "Having reviewed the company accounts in relation to Liverpool Football Club and Parent Company Kop Football Ltd, of which there is approximately £237m worth of debt; it is clear that the business model operated by the current owners Tom Hicks and George Gillett is unsustainable.
"Whilst I appreciate that any refinancing package deal is a confidential matter between the Royal Bank of Scotland and the current owners of Liverpool Football Club, it is also a very personal issue for many Liverpool supporters around the world.
"There is an ever increasing sense of anger and resentment towards the owners Tom Hicks and George Gillett, which is likely to turn towards RBS if the refinancing deal is extended in the coming months.
"It is my understanding that if the refinancing deal is renegotiated beyond July 2010, then a campaign in protest against the Royal Bank of Scotland will take place which will include billboards with anti-RBS messages encouraging Liverpool Fans to Boycott RBS in a similar manner to the Boycott of the Sun Newspaper.
"We as supporters of Liverpool Football Club are effectively paying the loan repayments for Hicks and Gillett, and as taxpayers have a "controlling stake" in RBS. We should therefore have a say in where our money is being invested.
"The ball is firmly in your court."
Links to a website supporting a campaign to boycott The Sun are included in the e-mail as well as a link to the Liverpool Supporters Union, Spirit of Shankly, website.
Spirit of Shankly have previously threatened similar action against the Royal Bank of Scotland when Hicks and Gillett secured a £350m refinancing package in January 2008, a move which saddled Liverpool with annual interest payments of £30m.
However, although some of the fans behind the latest campaign are members of Spirit of Shankly, SOS says this latest move to oust Hicks and Gillett is not official union action.
An SOS spokesperson told the Echo: "Whilst we appreciate the intent behind this action it is not something the recent AGM or management committee have considered."
Hicks and Gillett have successfully sought several repayment extensions from RBS and Wachovia.
In January 2009 they exercised terms under the loan agreement to extend it for a further six months until July 24 that year. After that, further extensions were thought to be unlikely.
Instead, the Americans again refinanced with RBS and Wachovia, granting themselves a further 12 months to July 24 2010 to repay the debt.
Following concerns expressed by club accountant, KPMG, about Liverpool's ability to operate efficiently with such a burden of debt, a condition was written into the latest agreement that £60m in equity must be provided to reduce Liverpool's outstanding liabilities to around £250m.
That was achieved last year but the banks are known to have put pressure on Hicks and Gillett to attract third party investment to the club.
Investment banks Rothschild and Bank of America Merrill Lynch have been brought in to help with the search, while Liverpool managing director, Christian Purslow, is looking to bring in £100m of investment before the July deadline.
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