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Purslow: Liverpool not about to go bust

Liverpool managing director Christian Purslow has dismissed fears of administration over the club's ownership dilemma. But he has warned Tom Hicks, who is trying to put together a package to restructure his loans and buy out fellow co-owner George Gillett, that the board will not allow him to use Liverpool's assets as security in any refinancing deal.

Liverpool Football Club is not going bust. We have an extremely healthy business with record revenues and we are highly profitable," he said.

"We have cash, we are solvent, we have banking facilities which last beyond the end of next season and we are heavily scrutinised by the Premier League.

"To achieve our UEFA licence we went through that process and they were very happy with what they saw - so I cannot conceive of a situation where Liverpool Football Club could go into administration.

"The issue today is that too much of our profit is being used to service loans put into place when the club was bought.

"We are dealing with that issue. When we sell the business that debt will be reduced or go away, which will make us the most profitable club in the Premier League."

Purslow stressed no new refinancing would be allowed which aimed to utilise assets like Anfield, the club's Melwood training ground or even players.

"That would require board approval and the other members of the board have made it clear that's not what we want to see happen. [It is] very unlikely," he told LFC TV.

"Any incurrence of indebtedness by Liverpool Football Club needs full board approval.

"The non-owner directors have made it clear that's not what we want to see happen."

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