Source: Liverpool_Echo
Liverpool FC fans threaten Royal Bank of Scotland boycott over Reds finance deal
A GROUP of Liverpool fans are threatening to boycott the Royal Bank of Scotland if it extends its refinancing deal with the club. [LNB]Liverpool FC co-owners Tom Hicks and George Gillett have until July 24 to repay the remaining £237million borrowed from RBS and American investment bank Wachovia that they have leveraged against the club's assets. [LNB]Despite pledges to the contrary, Hicks and Gillett have set a total of £350million worth of debt against the club that was around £44million in the red when they took control from David Moores in February 2007.[LNB]Now, some Reds fans are urging the bank to call in the debt this summer in the hope it will force the Americans to sell the club. [LNB]An e-mail addressed directly to RBS chief executive officer, Stephen Hester, has been replicated and signed by individual Liverpool fans, angry at the bank's involvement. [LNB]The e-mail has also been copied to other senior figures at the bank and Liverpool FC, including Hicks and Gillett, plus city council leader Warren Bradley. [LNB]It reads: "Having reviewed the company accounts in relation to Liverpool Football Club and Parent Company Kop Football Ltd, of which there is approximately £237m worth of debt; it is clear that the business model operated by the current owners Tom Hicks and George Gillett is unsustainable.[LNB]"Whilst I appreciate that any refinancing package deal is a confidential matter between the Royal Bank of Scotland and the current owners of Liverpool Football Club, it is also a very personal issue for many Liverpool supporters around the world.[LNB]"There is an ever increasing sense of anger and resentment towards the owners Tom Hicks and George Gillett, which is likely to turn towards RBS if the refinancing deal is extended in the coming months.[LNB]"It is my understanding that if the refinancing deal is renegotiated beyond July 2010, then a campaign in protest against the Royal Bank of Scotland will take place which will include billboards with anti-RBS messages encouraging Liverpool Fans to Boycott RBS in a similar manner to the Boycott of the Sun Newspaper.
