They arrived in 2007 with tales of a gleaming new stadium, increased funds for the purchase of players to take Liverpool to that elusive Premier League title, and assurances that they would not 'do a Glazer'.
Liverpool's American owners Tom Hicks and George Gillett promised Reds fans the world, and now - three years on - we can all see the emptiness in their fatuous pledges.
So, is the latest news that a new group of American businessmen looking to invest in Liverpool a relief, or more agony?
The New York based Rhône Group have 'offered' £110m for a 40% stake in the Merseyside club, deftly highlighting the financial peril that Liverpool are currently in.
As football lovers, we can generally not profess to have the greatest grasp on the intricacies of global economics, with our average vocabulary on the subject consisting mainly of; 'credit crunch' or 'administration'. But the terms of this offer would baffle even the most weathered financial guru.
The main point is that none of this proposed £110m would go into Hicks' or Gillett's pocket, but instead, would serve to reduce Liverpool's £237m debts owed to The Royal Bank of Scotland and American bank Wachovia.
This debt has accumulated only because Hicks and Gillett borrowed money to take over, and burdened Liverpool FC with the responsibility of repaying it. Sounds very Glazer-ish to me.
Rhône's bid, the only firm investment offer Liverpool have received recently, would reduce the American duo to a 30% stake each, with Hicks and Gillett effectively receiving nothing for relinquishing a controlling stake in the club.
This offer has predictably been termed as "not lucrative enough" by Hicks, but these intimations are unlikely to stick if Rhône's offer remains the only tangible bid. This is because they are pinned by a deadline imposed by RBS, who insist that Liverpool's £110m debt to them be reduced by July.
Unless an Arab multi-millionaire swoops to save the day, the likelihood is that Liverpool will have a new group of American NFL fans to contend with in the director's seats, and with the irregularities of this ambiguous deal - how can it fill the fans of England's most decorated club with confidence?
And running the risk of sounding a little xenophobic; it seems that one example of acerbic Scouse humour, immortalised by the traditional Kop flag, is unfortunately ringing true:
Liverpool FC - Built by Shanks - Broke by Yanks.
Here's a quick video showing a passionate group of Liverpool fans protesting against their American owners outside Anfield prior to the Premier League fixture against Hull last September:
Impressive piece Matt and an interesting read. In my opinion the era of the football "sugar daddies" won't last forever. I think that sooner or later investors like Hicks and Gillet, Learner at Aston Villa and the Glazers will realise that football clubs are unlikely to give them any significant return on their investment. The purse strings at Manchester United will inevitably tighten as they have at Anfield. It won't be too long before they cut their losses and move on. More worrying for me are the billionaire playboys at Man City and Chelsea, who's ownership acts as nothing more than a hobby. That said, I feel that once premiership football loses its status as "flavour of the month" they will become bored of their toy and also move on. I feel sure that long before the new decade is out some sort of normality will be resumed and that the natural order of power in English football will be restored. Let's just hope that the leeches aren't allowed to leave us with the debts they have accumulated, which would be devastating.
ReplyDeleteCheers Mike. Nice cynical view there but I can definitely see where your coming from. It does seem that Premier League football is the new must-have toy and there is certainly the danger it will fall out of favour. But I think its unwavering support from Britain's own fans will always mean its big business to any entrepreneur out there. Thanks for your feedback mate.
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