Tom Hicks snubbed over Blackstone rescue in latest twist to Liverpool power battle

20 September 2010 16:19
Tom Hicks has suffered a major blow in his bid to seize control at Liverpool. [LNB]The Texan hoped to receive backing from private equity firm Blackstone Group but he has now been spurned over a planned £280million rescue package. [LNB]Hicks is desperate to find the funds to repay the £237m that is owed to the Royal Bank of Scotland by next month. If he can secure the money, Hicks would be able to delay the sale of the club until 2012. [LNB] Fight: Tom Hicks is desperate to stay in power at Anfield[LNB]But fans, who have never warmed to Hicks and co-owner George Gillett, will welcome the news that he has been snubbed by GSO Capital Partners, the debt-restructuring arm of Blackstone. [LNB]They feared the battle for control of Liverpool could drag on for a further two years and that any deal would impact funds for transfers and the planned new stadium. [LNB]Hicks had a three-hour board meeting in London last week where he informed board members - not including Gillett - of his plans. [LNB]Blackstone are a heavyweight private equity firm with chairman Steve Schwarzman, a personal friend of Hicks, worth an estimated £3billion. Hicks is confident he has the legal right to pursue the GSO deal in the absence of any formal bid for the club since the sale process began. [LNB] Tough times: Steven Gerrard and co are struggling on the pitch[LNB]Hicks announced in April that he intended to cut his losses and sell up at Anfield. However, an inflated asking price in excess of £600m, has put interested parties off. Chinese businessman Kenny Huang and Syrian Yayha Kirdi were both heavilly linked with a move for control of Liverpool over the summer but interest wained when they were asked to stump up in excess of £300m. [LNB]Gillett is believed to be struggling to repay back a £75m loan secured against his 50 per cent stake in the club in 2008. Hicks and Gillett bought the club a year earlier in a deal that valued the club at £219m. [LNB]Martin Broughton was appointed as chairman in April as one of RBS's conditions on extending its loan to the Americans for a further six months. Broughton wants to find a new owner to wipe out the club's debt and finally deliver a new ground. [LNB] Yanks for nothing: Tom Hicks nears refinancing deal to stay on at AnfieldSpirit of Shankly call for two days of Anfield protests at Liverpool ownersLIVERPOOL FC

Source: Daily_Mail