The imminent sale of the Texas Rangers baseball team by Tom Hicks Jr, the Liverpool co-owner, may boost his bank balance, but will do little to help Liverpool Football Club. Hicks is expected to raise over $500m (around £310m) from the sale, but none of the money will be plouged back into the club. Liverpool continues its quest for investment in an effort to reduce the £237m of debt built up by Hicks and co-owner George Gillett since their 2007 takeover.
The imminent sale of the Texas Rangers baseball team by Tom Hicks Jr, the Liverpool co-owner, may boost his bank balance, but will do little to help Liverpool Football Club. Hicks is expected to raise over $500m (around £310m) from the sale, but none of the money will be plouged back into the club. Liverpool continues its quest for investment in an effort to reduce the £237m of debt built up by Hicks and co-owner George Gillett since their 2007 takeover. However, that is none too easy with other clubs falling by the wayside and offering fire sale bargains. Hicks’ debts in the US are such that his creditors will have first call on the revenue produced from the sale of the Texas Rangers. Late last year Gillett raised a reported C$550m (about £323m) when he gave up ownership of the Montréal Canadiens ice hockey team but he has not invested that money in Liverpool. It has been estimated that anyone who wants to buy out the Americans and bring Liverpool back to world class standard, which means building the much needed new stadium, would require about £1bn. There aren’t many people around who have that much money to splash out.