Liverpool is close to refinancing the debt used to buy it earlier this year in a deal that could help pay to build a new stadium, the club's owner said today.
"The new financing deal will be completed in the next 30 days," Tom Hicks said today. Wachovia, the fourth-largest bank in the United States, is arranging the refinancing, according to a source.
Mr Hicks declined to discuss details of the debt package but said the new stadium was likely to cost about £400 million (€575 million), £120 million (€172.5 million) more than expected.
The stadium is expected to be completed by 2011.
The club has a £300 million bridge facility provided by Royal Bank of Scotland that expires in February.
Mr Hicks, along with fellow US sports tycoon George Gillett, bought Liverpool FC earlier this year for about $340 million, part of a wave of overseas investors buying UK soccer clubs.
"People get involved with sport because of a passion," Mr Hicks said. "There's better investments that I could make than owning a football club. But the passion is there."