Thursday, 14 May 2009

Hicks and Gillett will re-finance LFC loan

The former Football League chairman Keith Harris, believes that Liverpool co-owners Tom Hicks and George Gillett are likely to succeed in refinancing their £350 million loan from RBS and Wachovia banks before the July deadline claims today’s Telegraph. Harris, speaking at the Soccerex forum at Wembley Stadium, said. "I think there will be a negotiated settlement,"

"The only way banks can make money is to start lending again. The two banks RBS and Wachovia, have said they don't want to be involved in this kind of business and RBS are quite stretched.

Harris believes Premier League clubs have suffered a slump in value of up to 20 per cent since the economic crisis struck.

Harris said: "There is some renewed interest now. There's been a shocking fallow period but just like you are seeing investors putting money into property companies and banks, people are investing again in football clubs.

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