Liverpool owners face loss

TOM HICKS and George Gillett will have to settle for €117 million less than they would have received last July if the second attempt to sell Liverpool to Nasser al-Kharafi, the Kuwaiti billionaire, succeeds. The American owners would, however, make a profit of around €32 millon each on the price they paid to buy the club in February 2007.

Al-Kharafi approached the American co-owners last year with a view to buying Liverpool for €640 million, only to withdraw from negotiations with the contracts all but signed. Hicks is said by one close observer to have been “incandescent” at the failure to close that deal.

Al-Kharafi has now returned to the table but on vastly different terms, with his position strengthened by the Kuwaiti dinar – worth 269c compared to 201c last July – and with Hicks and Gillett under pressure to refinance their takeover of Liverpool.

They must sell their 50 per cent stakes in the club before July, when the club’s €372 million loans with RBS and Wachovia are due for repayment, and it appears unlikely that any bank will continue to support the Americans’ highly leveraged operation.

Neither Hicks nor Gillett is believed to have invested any cash in their purchase of Liverpool and, with the pair’s relationship strained once more, that is unlikely to change. The pair have employed rival banks to attract new investors to Liverpool.

Al-Kharafi is expected to take advantage of the immovable July deadline faced by the Americans with a reduced offer in the region of €425 million, although it is understood that no price has yet been agreed. Alongside the fall in the purchase price, the collapse in the value of the pound against the dollar means the profit Hicks and Gillett are expected to make for selling Liverpool will in dollar terms be slashed to around $40 million each.

Hicks refused to comment on claims that he is looking to sell his 50 per cent stake last night but it is understood he wants to retain an interest in Liverpool as the club attempts to move into a new stadium that will increase its market value.

A full sale cannot be discounted, however, although the continued friction between the owners is likely to complicate any deal. Neither Hicks or Gillett, it is believed, wants to sell up entirely if their business partner maintains a stake in Liverpool.

Liverpool’s finance director, Phil Nash, met representatives of the Al-Kharafi family last week, although sources have claimed discussions related to financing the new stadium on Stanley Park.

Liverpool supporters opposed to the Americans reacted with caution to the possible Kuwaiti takeover. A statement from the Spirit of Shankly group read: “It is worth considering that all new owners are not always those worthy of holding the ‘family silver’, so we need to be sure that any new owners do not place us in the same situation as the current ones.”

Manager Rafael Benitez claimed to be unaware of a potential takeover. “I was really surprised with the news this morning but I cannot say anything,” the manager said. “I cannot comment on these things because we have an important game against Everton coming up.”

Benitez also insisted he was not concerned at Steven Gerrard’s next court appearance, his captain having pleaded not guilty to a charge of assault and affray yesterday, having an impact on the club. Gerrard is due back in court on March 20th, the day before a home game with Aston Villa and following dates with Manchester United and Real Madrid. “If the player continues playing well I don’t see any problem. I don’t think he has been affected.”