Local Merseyside MP, Peter Kilfoyle, has tabled a motion in the House of Parliament to prevent RBS extending the loan for Hicks and Gillett.
The club’s owners need to refinance the £350 million loan they are using to prop up Liverpool FC with. We reported some weeks back the dire state of Liverpool’s finances, in which the club spends more on interest payments than on new players.
The Royal Bank of Scotland is 97% owned by the Government, and therefore the taxpayer, and the motion calls for the Government to use its significant influence to prevent a renegotiation.
The MP said:
“My concern is for the regeneration that is planned for the area around the new stadium which will not go ahead unless it is built.
“At the current time there are a lot of conflicting demands for that money.
“That means it could be lost altogether because the stadium seems to be as far away as ever.”
“The government has a great deal of influence, because it is the majority shareholder.”