Source: Daily_Mail
We won't go bust! Liverpool chief Christian Purslow allays Anfield financial fears
Liverpool managing director Christian Purslow has dismissed fears the club willgo bust should the current ownership issues not be successfully resolved. [LNB]But he has warned Tom Hicks, who is trying to put together a package torestructure his loans and buy out fellow co-owner George Gillett, that the boardwill not allow him to use Liverpool's assets as security in any refinancingdeal. [LNB]The two Americans owe £237million plus additional huge penalty fees to theRoyal Bank of Scotland and the loan is up for repayment or renegotiation inmid-October. [LNB] Red letter days: Martin Broughton and Christian Purslow are playing a key role in preserving the financial future at Anfield[LNB]But as the club has still not been sold either option appears unlikely, whichis why Hicks is trying to find funding from elsewhere. [LNB]Concern has been expressed that should he fail then there is an outside chancethe bank could take over the club and it could ultimately end up inadministration.Purslow said that was not the case. [LNB]'Liverpool Football Club is not going bust. We have an extremely healthybusiness with record revenues and we are highly profitable,' he said. [LNB]'We have cash, we are solvent, we have banking facilities which last beyondthe end of next season and we are heavily scrutinised by the Premier League. [LNB]'To achieve our UEFA licence we went through that process and they were veryhappy with what they saw - so I cannot conceive of a situation where LiverpoolFootball Club could go into administration. [LNB] Downward spiral: Liverpool have problems and and off the pitch[LNB]'The issue today is that too much of our profit is being used to service loansput into place when the club was bought. [LNB]'We are dealing with that issue. When we sell the business that debt will bereduced or go away, which will make us the most profitable club in the PremierLeague.' [LNB]Hicks has already had one refinancing project vetoed by the club's board, whenPurslow, chairman Martin Broughton and commercial director Ian Ayre out-votedthe two Americans.[LNB]When the Texan entered into discussions with investment group Blackstone lastweek the rest of the board began exploring the possibility of a legalchallenge. [LNB] Controversial figure: Tom Hicks who is trying to put together a package to restructure his loans and buy out fellow co-owner George Gillett,[LNB]Blackstone ruled themselves out of the proposal on Monday and Purslow stressedno new refinancing would be allowed which aimed to utilise assets like Anfield,the club's Melwood training ground or even players. [LNB]'That would require board approval and the other members of the board havemade it clear that's not what we want to see happen. [It is] very unlikely,' hetold LFC TV. [LNB]'Any incurrence of indebtedness by Liverpool Football Club needs full boardapproval. [LNB]'The non-owner directors have made it clear that's not what we want to seehappen.'[LNB] Agger denies rift with Liverpool boss Hodgson to insist he's happy at AnfieldBenitez slams Liverpool chiefs who 'knew nothing about football'Good news for Liverpool as Hodgson indicates Kuyt may face Sunderland[LNB]
