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Post by Frenchie on Jul 28, 2009 12:24:18 GMT 1
Liverpool's American owners have struck a deal to re-finance the bank loan they took out to buy the club. Co-owners Tom Hicks and George Gillett are not expected to issue a statement, but the deal is believed to be for another year. It will involve them paying back £60m of the original debt. Negotiations between the Royal Bank of Scotland, Wachovia and the owners have continued for months and the worldwide credit crunch has made them tortuous. There has been real fear that the banks would call in the loan, while both Hicks and Gillett have searched for someone to take a minority stake in the club for around £100m to no avail. But a source close to the owners has confirmed that the deal has now been concluded, and before last weekend's deadline for re-financing the package expired. The owners have reduced the £290m they owed to £230m, with £60m being repaid, half immediately. More >>
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