Liverpool's American owners have been given an extra six months to pay back a £350.5 million debt owed to lenders the Royal Bank of Scotland and Wachovia, reports The Guardian. The loan, made last January, was due to be repaid or refinanced by January 25, but the banks agreed to extend this to July 24.
The extension was granted following a written request from Kop Football, Liverpool's holding company co-owned by Americans Tom Hicks and George Gillett.
It is hoped that, by July, the club will have qualified for the Champions League for next season, securing vital additional income for that period.
The club is paying £30 million per year in interest on its loans.