Hicks hits out at City spending

16 September 2009 08:15
Liverpool co-owner Tom Hicks has pledged to run the Anfield club on a sustainable basis after criticising big-spending Premier League rivals Manchester City. The Merseyside club have seen their recent transfer activity dwarfed by what has gone on at the City of Manchester Stadium following their takeover by Middle Eastern investors. But Hicks, who has come under fire from fans alongside fellow American owner George Gillett for back-tracking on plans to build a new stadium, insists that the model Liverpool are working to is the right one. Earlier in the week, the Reds unveiled a new four-year shirt sponsorship deal with Standard Chartered worth an estimated £80million. "You have to look cash flow rather than accounting - and we intend to operate Liverpool where it has a very strong positive cash flow, so we have the resources to be as competitive as possible on the pitch. That's our commitment," Hicks told The Times. "We had strong, positive cash flows last year. Our debt levels are at a very comfortable level and we are going to continue bringing it down. "Our goal is to have less debt than any of the top clubs and that's a commitment we have made and will continue to make." Speaking about City, he added: "It's not sustainable. They won't continue to invest like that because it doesn't make good economic sense. "They will make the improvements they need to make and then run it more like a business. "The smart clubs operate for the long term and you have to look at who have had success for many years."

Source: ESA