Hicks & Gillett back down to pursue $1.6bn claim
Quote:
Tom Hicks and George Gillett have admitted defeat in their bid to hold on to Liverpool as the Royal Bank of Scotland rejected the owners' pledge to pay off their debts.
A statement from Hicks and Gillett's camp read: ''It's an extraordinary swindle and it will result in exactly the wrong thing for the club and the fans.''
''It is a tragic development that others will claim as a victory. This means it won't be resolved the way it should be resolved. My clients worked tirelessly to resolve these issues but RBS would not listen to any reasonable solution and the directors acted selfishly and illegally.
''Mr. Hicks and Mr. Gillett wanted to position this club for the future, but others have a different agenda. In truth, there is nothing positive from these events for Liverpool Football [Club]. That is exactly the opposite of what my clients wanted to achieve.''
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http://soccernet.espn.go.com/news/st...ngland&cc=5901
Well. They write a good press clipping, I'll give them that.
The Hicks and Gilette Monster is officially dead. I hope the Shankly Gates hit 'em in the ass on their way out.
Now, lets play a little game I like to call, 'Spot the Lie.' Having H&G as owners for 3 years I've actually gotten quite good at it:
- RBS rejected the Owner's 'pledge' to pay off the debts.
Actually thats true, but basically because they had borrowed £237M from RBS and now they were trying to borrow more from someone else to pay off what they had already borrowed. Most people would call that 'Robbing Peter to pay Paul.' In essence, they werent 'good for it' and RBS knew it and they wanted out before the whole house of cards came toppling down.
- 'Its an Extraordinary swindle'
Actually, its a pretty fair price, just because they 'wanted' more than double that amount doesnt mean that the asset was worth it after several years of woeful mismanagement. Not to mention the crippling debt load and the sale of World Class players and their replacement with vastly inferior substitutes. They drove the value down, they just either dont see it or dont want to admit it.
- H&G wanted to "position this club for the future!"
That is a huge load of BS right there. Position this club for the future? HOW? They couldnt afford to keep it running for the short term let alone the future. These guys were borrowing money for everything. They were trying to borrow money to pay off borrowed money! It was never going to get any better, every cent the club earned was plowed into an interest payment. Every. Single. Cent. And I'm talking
interest!!
Not even a smidgen of principle. How was the club supposed to ever grow with no available capital? What was going to happen with the new ground? Where was that money going to come from? Sorry, they were going to borrow it right? Theres that word again that H&G love so dearly, '
borrow.' So, tell me this geniuses, borrow from WHO? All those lenders chomping at the bit to give you guys cash? And they are exactly all of whom?
- 'Its a tragic development.'
I actually rather quite like it. If for no other reason than if and when NESV want to sell Liverpool they'll want to make some money off of it, oh and they can, all they have to do is:
- Eliminate the debt - Check! <- Seriously. They've already done this, its part of the purchase price.
- Bring in World Class Talent to have a successful club again
They dont even need a new ground (yet). Further, they've actually got their own capital, money, so they make an investment and use the profits from the club's operating revenue (which is considerable, like 6th in the world for football clubs) to invest further and grow and generate more revenue.
- H&G 'worked tirelessly to resolve.'
H&G worked tirelessly indeed, but not to resolve jack. They were hanging on by tooth and nail because they have no idea how badly and thoroughly they have ruined and de-valued this club. But they could never fix it, and they could never fix it because it needs money. "No Strings Attached" money. Not debt that comes with huge financing burdens. You cant grow that way.
- The Board acted "Selfishly and Illegally."
Yeah? Is that so? Guess what, you're on that Board! If you want to chastise the Board's actions how about getting a restraining order on a British Football Club in fataing TEXAS!!
- 'Exactly the opposite of what H&G wanted to achieve.'
All H&G ever wanted to achieve was a quick buck that they never had to invest a personal dime into. "Liverpool will be the most profitable investment I've ever made." Sound familiar?
And Finally:
-'Its the wrong thing for the Club and the fans.'
H&G telling anyone whats 'wrong' for the club and the fans is so hilariously rich its stunning. Anything is better for the Club and the fans than these two. Thats how disgustingly out of touch they are.
H&G. Not Welcome Anywhere.
Now, Gentlemen, if you'd be so kind as to GTFO of my Club. This is Liverpool. This is Anfield. And This (Finally) Has Nothing (Anymore) To Do With Texas.
