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Amidst Accusations of "Financial Doping," Tom Hicks Not Ready to Sell Liverpool

By Robert Wilonsky in Business News for People Who Don't Read Business News, Sports

Tuesday, Apr. 28 2009 @ 9:23AM

Over the weekend, the rumors started mounting: Tom Hicks had approached Grandhi Mallikarjun Rao -- a builder of Indian infrastructure whose wealth ranks him among the world's wealthiest 200 -- about buying at least a piece of Liverpool FC. Folks close to the owner of the Texas Rangers and Dallas Stars deny such talks are taking place. Besides, observers don't think now's the right time to buy: Hicks and co-owner George Gillett owe close to $500 million to the Royal Bank of Scotland and Wachovia in July, at which point the cash-strapped owners might be willing to part with their investment at a relatively deep discount in order to skip that particular check.

Hicks, of course, has his own issues much closer to home, having willfully defaulted on $10 million in interest payments on $525 million in loans as he tries to restructure a new deal with his lenders and find partners for the Rangers and Stars. (He recently referred to both franchises as "two strong long-term investments for the right people," if only he could find them.) But the English government has taken a particular interest in Liverpool FC's state of financial affairs. Last week Parliament released a report in which some MPs fretted about the fate of the Premier League, and according to this Associated Press Q&A today, the report accuses "Manchester United, Liverpool and Chelsea -- the top three teams in the Premier League -- of 'financial doping,' or reckless borrowing to maintain their domination."

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8 comment(s) / Post a Comment

LeeDog says:

Arsenal might have something to say about that top three designation.

Posted On: Tuesday, Apr. 28 2009 @ 9:57AM

scouser says:

6pts back of 3rd with 4 games to play, the gooners are stuck in fourth. They should feel lucky they've managed to pull away from everton recently.

Posted On: Tuesday, Apr. 28 2009 @ 10:13AM

Stephen Gash says:

There is no English Government. There is no English Parliament. England is the only country in the West without its own elected house of government.
Scotland, Wales and N. Ireland have their own elected parliament or assemblies, but still infest the British Government and British Parliament so that they can mess up England.
We never needed them, and we don't need them now.

Posted On: Tuesday, Apr. 28 2009 @ 11:06AM

Waterlewd says:

It is a credit to Gazidis and Wenger that the report was unable to include Arsenal in the list of financial doping teams. Just look at how they dealt with the Arshavin transfer for proof. To me, it doesn't matter if Arsenal finish 3 or 4 because there is nothing to gain. Arsenal will not catch Liverpool or Man Utd to earn that free ride to the group stage of the CL next year. However, they are 10 points clear of a Champions League place, and are in the semifinal of the current Champions League tournament. They are doing very well, and should concentrate on trying to upset Man Utd in the Champions League instead of their placement in the league this term.

Maybe we can get some Liverpool whiners on here complaining about how Liverpool won't spend (read: borrow) 30 million pounds on some new strikers in order to maintain their God-given right to win every trophy. That would be in direct contradiction of what the report wants to prohibit -- the rise and fall of the great English football dynasties. Instead of realizing their discarded chairman was a complete failure, they blame the owners -- those pesky Americans. Granted, Tom Hicks is a douche, but their ejected chairman failed to expand the Liverpool brand to emerging markets in Asia, Africa, and the USA.

Posted On: Tuesday, Apr. 28 2009 @ 11:22AM

WeWonItFiveTimes says:

Well you wished for a Liverpool whiner. What a pile of poop from Waterlewd! Liverpool have probably the best striker in World football at the moment, so we don't need to spend £30m in that way to strengthen an evolving squad. We do need some real investment, and that means the departure of Stadtler & Waldorf as soon as a serious buyer can be found. The majority of Liverpool fans would have preferred the club to remain in local ownership but we realise that to compete at the highest level requires potent means - and not to be loaded with debt by people who say only want a fast fat buck. We need a new stadium as promised by Tom & George, but the current world economic problems prevent this for the while. Don't talk about God-given rights to win trophies, until you've won at least one European Cup yourself, Arsenal! Enjoy the qualifying round.

Posted On: Tuesday, Apr. 28 2009 @ 11:58AM

Waterlewd says:

I'm not an Arsenal supporter. I didn't question Liverpool's success -- I called them a great football dynasty for God's sake. I question why the Liverpool brand was so slow on being promoted globally like Man Utd, Chelsea and Arsenal. I agree about your assessment of Torres. He is remarkable. He's a great player to watch, and any team would be lucky to have him. Everything he does is just excitement on the football pitch. It's too bad for Liverpool he wasn't in form during the Winter period, because they probably would be leading the league right now -- no doubt in my mind.

Posted On: Tuesday, Apr. 28 2009 @ 3:47PM

ChrisU says:

hey Liverpool, remember when the Beatles went and kissed the Maharishi's feet, thought it would save the world? well that's what 'Thicks' is doing right now to save your ass, so quit whining.

Posted On: Tuesday, Apr. 28 2009 @ 5:12PM

pete says:

All the blame for Liverpools demise as a top club is down to Moores massive error of putting Parry in charge of commercial affairs,and brokering a deal with these two vile americans who do not give a tap about LFC.Hope they feel very guilty over it,but they wont.

Posted On: Tuesday, Apr. 28 2009 @ 5:20PM