My tribe
As featured on NewsNow: Football news

Hicks could gain sole control of Liverpool

Any attempt by Liverpool's co-owner Tom Hicks to gain sole control of the club will have no support from the majority of Liverpool's board but could succeed, BBC Sport reports. Texan billionaire Hicks met Liverpool chairman Martin Broughton on Wednesday, informing him he was considering raising money to refinance the club's £237.4m debt with Royal Bank of Scotland before a deadline set for early October.

The prospect of Hicks remaining in control of the Premier League club will horrify many Liverpool fans desperate for a change of ownership.

Co-owner George Gillett is reported to be struggling to pay back a £75m loan secured against his 50% stake in the club in 2008 and Hicks is considering buying his partner out, although Gillett insists he is not on the brink of defaulting.

Hicks and Gillett bought the Reds in February 2007 in a deal that valued the club at £218.9m.

Along with managing director Christian Purslow and commercial director Ian Ayre, Broughton sits on the club's five-man board alongside Hicks and Gillett.

The three Englishmen will oppose Hicks' plan if he manages to raise the funds required.

"Technically, if he pays off RBS 100% the bank can't really refuse to receive the money so it can be removed from the scene," the source told BBC Sport.

"That would make the legal position of whether such a plan can be vetoed very complicated and difficult. It would have no support from three members of the board.

"The board's directors are obliged to do what's best for both the shareholders (Hicks and Gillett) and also the business (Kop Holdings) but these two objectives could be in conflict, so legal advice is being sought as to what's possible."

Hicks has not approached RBS yet to discuss his plan but the source admitted the prospect was "possible" and "could not be ruled out".

 Need your Liverpool news fix? Click here for all Reds news and transfer rumours.

About the author

Have your say
  • Add your favourite leagues and clubs
  • Build your own personal news stream
  • Easily share your favourite stories
  • Connect with what your friends are saying

Select your favourite
leagues and clubs
to get started.

Already part of MyTribe?