Source: Daily_Mail
Liverpool shell out £60m with nothing to show for it in debt restructure deal
Liverpool's American owners are paying off a £60million debt as part of a deal to renegotiate the loan they took out to buy the club in 2007.
Tom Hicks and George Gillett have extended their £290m loan with the Royal Bank of Scotland for another year, but will pay back £30m immediately with another instalment of the same amount to follow.
Liverpool owe another bank, Wachovia, £60m and negotiations with both lenders has proved long and tortuous, though the Reds have continued to be active in the transfer market and bought Glen Johnson from Portsmouth for £17m.
But the owners have failed to find the money to build the club's new stadium, with preliminary work on the Stanley Park venture halting during last season.
There had been a deadline to sort out the re-financing before the end of last week and though there has been no formal confirmation, sources say the deal was agreed in time.
Latest accounts show Kop Holdings, the parent company of the Anfield club, lost £42.6m in the year to August 2008. Annual figures showed that interest payments accounted for £36.5m of those losses.
