From the U.K., More Fiscal Woes for Tom Hicks as Liverpool FC Posts Enormous Loss

Categories: Biz, Sports
hicks and gillett 21.jpg
George Gillett and Tom Hicks may have to take their ball and go home.
Soon enough, the breaking news of Tom Hicks's financial woes in England will make its way Stateside. Till then, these fresh headlines from the U.K.: "Liverpool owners Hicks and Gillett suffer £42m loss due to loans," says the Guardian. "Liverpool's £350m debt sets off alarm as Tom Hicks and George Gillett warned," notes the Telegraph. "Liverpool FC owners lose £42.6m," states a matter-of-fact BBC. To which The Times responds with a more frantic, "Anfield's house of cards shaken to foundations."

Any way you look at it, this much is clear: Hicks and Gillett's Liverpool FC actually made money (£10.2 million) in the past year, but posted a £42.6 million loss because of interest payments made on their loan to buy the club in the first place. And that £350 million loan comes due in late July, and for months the English press has been speculating about what'll happen if they can't refinance. Because, look, the man does like to default on his loans while he reworks his deals with the banks.

Rumors of Hicks's trying to sell the club have been around for almost a year; and, as he confirmed only last week, Hicks is trying to find a majority owner for the Texas Rangers. Still, as the Guardian notes, even Liverpool FC's accountants are worried, having reported that the losses and debt service "cast significant doubt on the group's and parent company's ability to continue as a going concern." I've inquired of The LeMaster Group if there's a press release forthcoming.


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