Source: Eurosport
Liverpool fan groups revise takeover bid for club
Liverpool supporter groups unhappy with the financial structure of the club put forward revised plans on Friday to buy out American owners George Gillett and Tom Hicks.
The Share Liverpool FC (SLFC) and Spirit of Shankly (SOS) groups said they were looking to raise 150 million pounds from fans by pricing shares cheaper than in their first proposal so they could buy a 60 percent share of the club.
"This is a realistic plan that squares the circle," a statement on the SLFC website (www.shareliverpoolfc.co.uk) said.
"How to get broadly based fan ownership of the club, and relieve the level of debt, by offering Liverpool fans an affordable entry fee and a chance to get a modest return for their additional financial support."
The revised bid prices single shares at 500 pounds instead of 5,000 when the proposal was originally launched in January 2008.
The supporter groups, which launched simultaneously on January 24 last year amid concerns over financing of a proposed new stadium, said they would be looking for a commercial partner to invest 100 million pounds for the remaining shares.
DEADLINE DAY
The new bid came on deadline day for owners Hicks and Gillett, who took control of Liverpool for 218.9 million pounds in February 2007, to secure a refinancing deal for an existing loan of 350 million pounds which they took on to buy the club.
"Though it is expected that (banks) RBS (Royal Bank of Scotland) & Wachovia will extend the credit line to the current owners, in the view of the fans, this is only a short term (and expensive) fix for LFC," the statement said.
Last month fans called for the removal of Gillett and Hicks after annual accounts for Kop Football (Holdings) Limited, Liverpool's parent company, showed a loss of 42.6 million pounds last year mainly due to interest payments.
At the time the SOS group urged fans to write to Royal Bank Scotland, and their members of Parliament, in a bid to stop the bank refinancing the loans.
"This proposal (by SLFC) is the only sensible, sustainable offer that has been put forward that also meets the crucial community requirements," chief executive Dave Boyle of Supporters Direct, a government backed body that helps fans who want to take ownership stakes in their club, said.
Supporter run member share schemes are common across Europe with Barcelona being the most famous user of the system.
"The club seems to be at a crossroads. It will either continue to be owned by a group of distant people with an eye on the bottom line, driven by the need to pay off colossal debts, or owned by the community, like Barcelona or Bayern Munich," Boyle added.
