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Articles on football club takeovers and related issues
There has been an extraordinary development at Liverpool with the board split over two new offers for the troubled club. The offers appear to be credible, but George Gillett and Tom Hicks want to reject them as they mean that they would not be able to walk away with a profit. Hence, they have tried to suspend two of the directors and replace them with their own nominees.
The financial crisis at Mansfield Town is over with the Stags finding a wealthy benefactor. Multi-millionaire and local businessman John Radford has bought the Conference club for £1 from previous owners Andy Saunders, Steve Hymas and Steve Middleton. They stay on at the club as non-executive directors.
An organisation of Liverpool FC fans is planning a campaign of direct action as concerns about the future of the club grow. They are calling for a peaceful sit-in after tomorrow’s game against Sunderland and further action at next week’s game against Blackpool.
BBC business editor Robert Peston think it’s on the cards that Royal Bank of Scotland (RBS), along with US bank Wachovia, will be in charge of Liverpool by mid-October.
Tom Hicks’ s plan to refinance his loans and place himself in sole control of Liverpool has hit trouble. This will come as welcome news to Liverpool fans who had made it clear that they did not want the controversial American to remain in charge at Anfield.
Hull City owner Russell Bartlett is seeking new investment in the club, but has ruled out a takeover. Talks were held earlier in the year with father and son duo Assem and Ehab Allem who are sponsors and vice-presidents at the club.
However, they were interested in taking control, rather than a minority stake. They have issued a statement in which they say that the finances of the club ‘are a matter of real concern’.
Tom Hicks is making a bid to secure control of Liverpool. An opportunity has arisen because his business partner George Gillett was at risk of defaulting on a personal loan from Mill Financial. However, some sources are reporting that Gillett is in talks to extend the loan.
Ahsan Ali Syed has been given more time to examine the books of Blackburn Rovers. His period of exclusivity has been extended. Apparently due diligence has taken longer than expected, although why this should be the case is not entirely clear as it does not seem likely that there are hidden surprises in the club’s books.
Rapper Jay-Z, real name Shawn Carter, would like to buy Arsenal. He is one of the richest musicians in the United States and is a genuine Arsenal fan so arguably he is a better prospect than some of the people who have shown an interest in the club. Where he would get a stake from is another matter, although the shares of Lady Nina Bracewell-Smith are available.
The extent to which Royal Bank of Scotland is losing patience with Liverpool is emphasised by the revelation that it is placing the club’s debts in its Global Restructuring Division which is its home for toxic assets. It takes a much more ruthless approach than the corporate banking department. It increasingly looks as if Tom Hicks and George Gillett will be out of the door on 6th October when their pe