Tom Hicks - waste of space
It is believed that George Gillett has defaulted on his £75M loan, meaning that Mill Financial have now mopped up his 50% share in Liverpool Football Club.
This goes some way to the understanding from last week’s board meeting in which Hicks attempted to sack Purslow and Ayre, and replace with two of his cronies, his son Mack and a colleague in Hicks Holdings.
It is understood that Mill Financial is attempting to find the money required to pay off RBS £280M loan to allow Hicks to remain in control of Anfield.
An email campaign has already begun from Liverpool fans warning Mill Financial not to continue along their path. (Email addresses and template here)
Liverpool FC will go to the high court this coming week with the hope of securing a declaratory judgement, advising that they correctly did their job to sell Liverpool FC.
But even if Tom Hicks wins the case, which is believed to be unlikely, in time he may well regret not leaving the club at this opportunity.
Either Liverpool will be placed in to administration, handed a 9 point penalty, which could make his ‘asset’ worth even less and RBS could then consider chasing both him and Mill Financial for further money, or if he does somehow manage to refinance – it is likely that calls for a full Anfield boycott will be increased leaving him even further out of pocket.
Tom Hicks and George Gillett, under the current deal stand to lose £144M. However, if they win the court case, RBS will then be entitled to chase them down for a further £110M.
The overwhelming majority of Liverpool fans are now firmly against Tom Hicks’ ownership, and after hearing him criticise Liverpool fans and hearing leaked plans to sell off the land that Melwood is on, it appears that Hicks’ best interest is to now ‘Walk On’.
Liverpool fans are planning to attend the high court meeting (date still to be decided) next week to protest publically against Tom Hicks, George Gillett and Mill Financial.