carlyluvsunited
17-11-2007, 01:25 PM
Liverpool fans no longer laughing about United's debt mountain..
When Manchester United were taken over against the best wishes of the
supporters and the old PLC board by the Glazer family, Liverpool fans were
among the first to ram home the 'USA, USA, USA' chants. The gloating soon
stopped when the Liverpool fans learnt that their club would also be taken over
by American owners.
However, the Liverpool Reds new custodians weren't a bit like the Glazers', that
much soon became clear. For one thing the Glazers' don't do PR, they do not
believe in dialogue with the fans and paying customers. This alienated them from
the start and did nothing to dispel the fears that United's new owners had
anything but self-interest at heart behind their decision to push through what
was effectively a hostile takeover of the club. As a result of the change of
ownership United are now massively in hock to the banks.
The Liverpool Reds were given assurances that the new owners weren't going to
make the same mistakes as the Glazers'. It has to be said, Tom Hicks and George
Gillett have done a fantastic PR job because they were welcomed with open arms
by the old LFC board and fans alike. This was in marked contrast to what
happened down the East Lancs Road at United.
Not only that, but the Liverpool fans were led to believe that the club wouldn't
end up massively in hock to the banks like United, because funding would come
largely from the new owners own pockets. On top of which tickets for the new
stadium would be priced for 'all pockets' - again this was in marked contrast to
what is going on at United where the fans have been on the wrong end of huge
price-hikes.
So far, so good, perhaps too good? Doesn't it all sound a bit like a Hans Christian
Andersen fairy tale made up for the children? Because now it has emerged that
the new owners have been negotiating a refinancing package with US bank
Wachovia to fund escalating costs for their new stadium as Tom Hicks
confirmed: "The new financing deal will be completed in the next 30 days." The
talk is that Liverpool will be saddled with United like debts of £500m.
You do wonder what the old Liverpool board are now thinking about their
decision to sell-out to the new owners. At least at United it was made clear that
the Glazers' were not welcome.
Refinancing can often be the sensible thing to do in business, but Liverpool fans
are now rightly concerned that the original personal debts of the American duo
are about to be transferred onto the club. As ever the devil will be in the detail
and time will tell exactly what lies ahead for the Liverpool Reds and their new
owners.
Arsenal's Peter Hill-Wood has recently made it clear that this new breed of owner
investors are not welcome at his club, personally I hope that the Gunners don't
follow the path that Liverpool and United taken.
Posted by James Ryddel, Manchester United Blog Spot[/sze]
[SIZE="3"]Click below to join manutdtalk.com and read all
breaking news on all things United !!!
http://manutdtalk.com/forums/register.php
When Manchester United were taken over against the best wishes of the
supporters and the old PLC board by the Glazer family, Liverpool fans were
among the first to ram home the 'USA, USA, USA' chants. The gloating soon
stopped when the Liverpool fans learnt that their club would also be taken over
by American owners.
However, the Liverpool Reds new custodians weren't a bit like the Glazers', that
much soon became clear. For one thing the Glazers' don't do PR, they do not
believe in dialogue with the fans and paying customers. This alienated them from
the start and did nothing to dispel the fears that United's new owners had
anything but self-interest at heart behind their decision to push through what
was effectively a hostile takeover of the club. As a result of the change of
ownership United are now massively in hock to the banks.
The Liverpool Reds were given assurances that the new owners weren't going to
make the same mistakes as the Glazers'. It has to be said, Tom Hicks and George
Gillett have done a fantastic PR job because they were welcomed with open arms
by the old LFC board and fans alike. This was in marked contrast to what
happened down the East Lancs Road at United.
Not only that, but the Liverpool fans were led to believe that the club wouldn't
end up massively in hock to the banks like United, because funding would come
largely from the new owners own pockets. On top of which tickets for the new
stadium would be priced for 'all pockets' - again this was in marked contrast to
what is going on at United where the fans have been on the wrong end of huge
price-hikes.
So far, so good, perhaps too good? Doesn't it all sound a bit like a Hans Christian
Andersen fairy tale made up for the children? Because now it has emerged that
the new owners have been negotiating a refinancing package with US bank
Wachovia to fund escalating costs for their new stadium as Tom Hicks
confirmed: "The new financing deal will be completed in the next 30 days." The
talk is that Liverpool will be saddled with United like debts of £500m.
You do wonder what the old Liverpool board are now thinking about their
decision to sell-out to the new owners. At least at United it was made clear that
the Glazers' were not welcome.
Refinancing can often be the sensible thing to do in business, but Liverpool fans
are now rightly concerned that the original personal debts of the American duo
are about to be transferred onto the club. As ever the devil will be in the detail
and time will tell exactly what lies ahead for the Liverpool Reds and their new
owners.
Arsenal's Peter Hill-Wood has recently made it clear that this new breed of owner
investors are not welcome at his club, personally I hope that the Gunners don't
follow the path that Liverpool and United taken.
Posted by James Ryddel, Manchester United Blog Spot[/sze]
[SIZE="3"]Click below to join manutdtalk.com and read all
breaking news on all things United !!!
http://manutdtalk.com/forums/register.php