rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Sports » Liverpool FC refinancing deal sealed

Liverpool FC refinancing deal sealed

January 25, 2008 15:25 IST

Liverpool Football Club's American owners, Tom Hicks and George Gillett, are set to announce they have a sealed 350 million pounds ($685.4 million) refinancing deal, a city source told Reuters on Friday.

"It has been finalised and an announcement is imminent," the source said.

Hicks and Gillett, who bought the Premier League soccer club 11 months ago for 220.0 million pounds, have been organising the deal with banks Royal Bank of Scotland and Wachovia.

The agreement will allow them to refinance their original deal, repay loans taken out to buy players last year and to begin work on a new stadium.

While the Americans were negotiating with the banks, there was also widespread speculation that Dubai Investment Capital, the investment arm of the Dubai government, outbid when Hicks and Gillett bought the club last year, was considering a renewed bid.

Source:
© Copyright 2014 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.