Liverpool owners Tom Hicks and George Gillett Jr. could be fixing to sell the club after taking it over less than one year ago, according to Guardian report. The Americans have apparently run into trouble trying to refinance $700 million worth of debt. They want to transfer the debt onto the club itself, which insiders say will be “extremely difficult” to complete before the loan’s due date at the end of February.
If Hicks and Gillett fail to meet that deadline, then it is believed that Dubai International Capital, which lost the takeover bid against the Americans last year, could swoop in to buy the pair out for close to $1 billion. Under that scenario, a takeover bid from the Arab investment group is thought to be due by the end of this month.
Hicks and Gillett purchased Liverpool last February for $348.2 million and assumed responsibility for the club’s debt of $89.6 million. The purchase was funded solely on borrowed money from the Royal Bank of Scotland. The loan swiftly grew to $700 million as more money was borrowed for plans for a new 60,000-seat stadium at Stanley Park, high-profile signings like Fernando Torres and other developmental work. The RBS loan must be repaid before the end of February, or the bank would assume control of Liverpool.