Gillet and Hicks have announced that contractors will commence enabling work on the new stadium site very soon (LINK). There's absolutely no mention whatsoever of them securing funding for the new stadium.
So this 'enabling work' is certainly open to interpretation (digging a couple of holes). Given their track record with the promises they make us, I can't help but lean towards a pessimistic (pragmatic) view of this latest announcment.
Long gone is the sheer excitement I once felt at the prospect of this cool new stadium being built, but I'd love for it to return. One thing which perplexes me is what effect this will have on any potential DIC buy outs !?!
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The Echo actually shows pictures of work being carried out - even though it is only enabling work. They don't mention funding because, well why should they - a) it might not be totally agreed yet and b) telling the whole world you aren't as strapped as people make out isn't a great negotiating tool. LFC do business behind closed doors and it works to our benefit - look at Torres deal last year - £20m whereas if Chelsea had been after them the cost would have easily been £30m +. Finally the new stadium doesn't affect the potential of a DIC buy out - it would be an additional asset if completed or a work in progress. Financials would obviously alter - the current owners would be looking to recoup the money paid out. I think the more important thing is the funding - if the owners re-finance again then you can all forget DIC. By the way, I am a strong Liverpool fan, have been all my life - I am just a realist and don't live my life in a world of Football Manager.
I'm still waiting for someone to point out ALL these so called promises that the owners made and haven't kept??????
So far they have give what they said ... over 70m spent last season by rafa ... and some fans can't see that as a positive, a new ground ... and YES, no matter who owned LFC the credit crunch is hitting every living human being ... so lets stop the bullying just because we want an owner like chelsea have ... over 40 years of supporting this great club .. but im getting sick of the bull and negative being put about, these are the reasons we are struggling, having to listen to gossiping know-alls who can't see the damage they are doing to this great club with there words!
DIC are far more ruthless then the yanks ....
So far the yanks have done a decent job and I for one will hold my judgement for another season
Reikirebel :-)
It's very suspicious that they don't mention that they've secured funding, which is precisely why they haven't mentioned anything about actual construction work taking place.
It's common knowledge that the Yanks are cash strapped. I'm very tired of all the lies which the Yanks spew out and have lost count of how many times they've claimed work would begin on the stadium. Until they announce real funding (another loan = means more debt on the club) and actual construction begins - I won't bother getting excited.
@paul - in the old days LFC did business behind closed doors, i think most people would agree that has all changed since H+G arrived.
@reikirebel - I'm an optimist first and foremost. When H+G came to town I was pretty excited by their plans for LFC and completely blown away with the new stadium designs. They also said they wouldn't do what the Glaziers did and land us in debt.
Since then though things have changed considerably, sadly for the worse. The public mud slinging (by H+G themselves) has become an embarassment to our club. The new stadium is well behind schedule, there's a mountain of debt which has been put against our club (they didn't buy it, we're buying it for them). It's the fans who pay for these loans not H+G who didn't invest any of their own money, they even claimed back legal and flight expenses etc against the club for 'purchasing' it.
I'm just not convinced by what they say anymore and take everything they say with a pinch of salt and will continue to do so until proven otherwise.
@dummy - am tired too :-(
Reikirebel what are you on about?
They Lied!!
They have taken out a loan of £350m. £105m has been secured against the club and £245m against Kop Holdings – which owns 100% of Liverpool Football Club and has only one source of revenue: The Club.
So, regardless of the smoke and mirrors, Liverpool Football Club has to pay all of the interest on all of the £350m.
The interest payments alone for this debt will be around £30m each year. All of which will be payable by Liverpool FC – more than enough to wipe out the club's operating profit.
Gillett and Hicks have only taken out this new loan over an 18 month contract. This is very unusual for a deal of this size; three years is the usual minimum term. Wall Street analysts believe that this is because they had difficulty in getting the banks to lend them the money. Which raises questions about:
THE STADIUM
£60m of that loan has been earmarked for starting construction of the new ground.
There is no funding yet in place to complete the stadium, nor has planning permission been granted for a 71,000 capacity. Existing consent is for 60,000, with any increase depending upon improvements to transport and car parking. With no underground car park, the new plans have less car parking than the original 60,000 design!
If they can't borrow again in 18 months then they cannot complete the stadium. How can they pledge now that the stadium will be built? In the same way they pledged it would be well on its way to completion twelve months ago – by misleading us.
So do they actually intend to complete the building of the new stadium?
Should Hicks & Gillett get the loan to actually build the new ground, the additional interest payments will be £25m per year.
This will leave Liverpool Football Club to shoulder annual payments of £55m in interest alone. Which begs the question:
WHERE WILL THE FUNDS COME FROM FOR TRANSFERS?
When they took over, Hicks & Gillett promised to back the manager in the transfer market.
From the two transfer windows Hicks and Gillett have owned the club for, Benitez has spent £48.5m on players, and recouped £33.5m in player sales. A net spend of £15m. This is the up-to-date figure that includes the purchase of Skrtel and the sale of Sissoko.
The club brought in around £30m from the run to the Champions League Final last season alone. On top of this there is the increased TV money the club's has received.
Where is the money Gillett and Hicks have backed the manager with? They've lied to us, they've manipulated the press, and some people have believed the spin. We won't.
In reality, after all the talk about money and Snoogy Doogy, the manager has spent £15m in the last two transfer windows. How is that backing him in the transfer market?
It is about time the real picture was painted for all Liverpool fans out there.
They promised to respect the club's heritage, history and traditions.
THEY HAVE LIED AND LIED.
They asked to be judged on what their actions. Well they have failed to make a start or produce the funding on the stadium, the major reason why David Moores looked for investment, they have failed to back the manager in the transfer market, They have not put one single cent of their own money into this club and they have undermined the traditions of the football club and the office of manager.
They have, however, managed to create huge debt for LFC to pay off without any end product.
How, exactly, is the football club in a better position now than it was twelve months ago under David Moores?
Reikirebel
Youre a disgrace to Liverpool football club.
Why dont you start accusing Liverpool fans of causing Hillsboro while youre at it?
( except you'd need to google to find out what that is!)
Go back to your poisonous thieving lying Texan boss.
Youre a joke.
@football bet man - very well put, although i doubt reikirebel is worth that much effort
@anonymous - I hadn't considered that but you could very well be on to something there
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