RBS may step in at Liverpool
Submitted by WG on Sun, 15/08/2010 - 09:57
The state-owned bank Royal Bank of Scotland may step in to take control of Liverpool FC after none of the prospective bidders could show that they had the funds needed to ensure the development of the club. The bank has set an unofficial deadline of the end of the month for a credible bidder to be found.
RBS has no interest in running a football club and would initiate a new bidding round. They would only need to recoup their loan of £237m whereas Tom Hicks and George Gillett have been looking for £600m. Hicks and Gillett would then receive nothing. If the loan is not repaid by October 6th, a penalty fee of £60m will be due.
