Kop owners finish finance deal

25-01-2008

Kop owners finish finance deal
Liverpool Football Club's American owners have announced the successful completion of their £350 million financing package.

Led by the Royal Bank of Scotland and Wachovia Bank, the new package replaces the previous financing due in February 2008.

The news comes after co-owners George Gillett and Tom Hicks unveiled the latest plans for the club's 71,000-seater new stadium at Stanley Park.

But storm clouds have been gathering over Anfield since it was revealed Jurgen Klinsmann had been approached over the possibility of taking over should Rafa Benitez leave Merseyside.

Dubai International Capital, the investment arm of the Dubai government, had previously been linked with a takeover bid for Liverpool.

A statement on the Merseyside club's website explained £105 million of the financing package would fund the new stadium, player transfers and working capital needs.

"The new financing will meet all of the club's current financial needs and includes facilities to support the commencement of construction for the new stadium at Stanley Park and to provide working capital for the club and future player transfers," the message read.

Commenting on the announcement, co-owner Hicks said: "This new financing package is a strong vote of confidence in the club's financial strength and a recognition of the exceptional opportunity represented by the construction of the club's new state-of-the-art stadium at Stanley Park.

"The successful completion of this financing package is particularly significant in light of the currently challenging credit-market environment.

"With the refinancing process now done, club supporters can look forward to the timely commencement of construction work on the new stadium and renew their focus on actions on the pitch."

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