Liverpool Could Lose Stadium Funding - 13/11/2005

Liverpool could lose a major source of funding for their new stadium at Stanley Park if, in three months' time, they failed to secure the estimated £120 million in private cash needed to finance construction. The European Union Objective 1 scheme has pledged £9 million towards the development, but as the programme must allot all its £840 million in funding by the end of next year or risk the money being returned to Brussels, it would have little option but to look for other projects if the February deadline is not met. However, the North West Development Agency insisted that the withdrawal of the funding would 'not necessarily' mean the end of its interest in the 60,000 seater stadium. Liverpool chief executive Rick Parry has just returned from a three day trip to the United States to meet American billionaire Robert Kraft who ownes the New England Patriots American football franchise. Liverpool consider Kraft the most appealing of several prospective investors who have expressed interest over the past two years. A year ago Kraft was the backer for a consortium known as the L4 group, but he withdrew his interest when he learnt that Liverpool chairman David Moores wished to remain as majority shareholder. The present intentions of Moores remain unclear. Parry will continue discussions with Kraft, but it seems unlikely that any investment deal will be in place before Liverpool's annual meeting in January.