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George Gillett claims Liverpool FC?s economic situation has ?never been stronger?
Published : 12 Sep 2009 05:15:00
LIVERPOOL FC co-owner George Gillett claimed the club's economic situation has "never been stronger". Supporters have been concerned about the lack of cash given to manager Rafa Benitez for new signings this summer and the lack of progress on building a new stadium in Stanley Park. Mr Gillett and Tom Hicks, who bought Liverpool in 2007 with money borrowed from Royal Bank of Scotland and Wachovia, refinanced their £350m loan in July and agreed to pay off £60m of the original debt. Crippling interest payments meant Liverpool made a loss last year but Mr Gillett told a Toronto radio station that the club's finances were in rude health. "The club is in outstanding shape," he said. "Economically, it's never been stronger. We just paid down our debt very substantially. We have less debt per dollar than any club in the league." The owners have so far failed to raise the £500m needed to build a new stadium, but Mr Gillett insisted the plans will be revived "as the world economy gets better".