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Sources confirmed HKS as designers last night, while lengthy negotiations on a £350m refinancing package for co-owners Tom Hicks and George Gillett continued in New York.The successful completion of the deal is almost certain to be announced this morning.
It is understood that there are no serious hitches with the controversial refinancing package with Royal Bank of Scotland and US investment bank Wachovia and the £350m deal is all but signed off.
Around £105m of the loan is expected to be put on the club’s books – £60m for the first instalment towards the stadium project, and £45m for working capital which has helped finance the purchase of players.
This is seen as an entirely legitimate way to operate, as those costs were associated with the running of the club.
The Daily Post understands £185m, accrued in buying the club last year, will be secured against Hicks’s and Gillett’s holding company, Kop Investment.
The terms of the agreement are also expected to see Hicks and Gillett putting in some of their own money – around £40m – supported by personal guarantees and letters of credit.
The debt could be paid off personally by Hicks and Gillett with the club paying the pair dividends each year.
It is understood that a further loan of around £300m will be required to fully fund the new stadium.
The key question now is whether the deal made by Hicks and Gillett is enough to ameliorate fans upset by the prospect of the club sinking into debt and their fears for the future of the ever-popular Benitez.
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LIVERPOOL ditched their latest plans for a new stadium because they could not afford to pay for it AND fund team building at the same time.
they revealed that:
* The second stadium plan - unveiled only in July - was ditched by owners Tom Hicks and George Gillett because they underestimated the £450m cost, £150m more than they first thought.
* Pressing ahead with the latest plans would have left no cash for new players.
* Revised designs by two architects are now being considered.
* The club may now have to submit a new planning application.
Today chief executive Rick Parry said: "We remain confident we can achieve our aim and still produce a very impressive solution."
The ECHO understands the club will make a decision on the new stadium early in the New Year.
Yesterday Newanfield.co.uk
enquired into reports
that Liverpool are ready
to make the stadium a
70,000 capacity arena.
The current application
which was secured in
November by Liverpool
City Council was for a
60,000 seated futuristic
design.
Although this design has
been modified Rick Parry
has reassured fans it
will be a
"significant
improvement" but
this is highly likely to
need a new planning
application. This will
probably be achieved by
starting to build under
the current 60,000 plan
and submitting a new
application once building
work has commenced.
It
will be based on
improvments to the
transport system and the
impact on the local area.
"It is a shame that
the amazing plans that
blew us away in the
summer have to make way
but it is only right that
the future of the club is
on sound financial ground
with a new improved
stadium that an under
threat club but amazing
ground".
Speaking today (17/12/07)
on to Liverpool FC TV,
Rick Parry today
reassured Liverpool fans
they will have a stadium
to be proud of in time
for the 2011-12 season.
Parry admits the Reds
have had to rethink plans
for the futuristic
designs revealed earlier
in the year, but he is
confident the new 70,000
seater stadium will still
be a fitting home for the
club.
He said: "We are now
considering two schemes
but the stadium will be a
70,000 seater. "The
new stadium will be a
significant improvement
on the original plans and
a slightly different
version of the new ones.
"And it will be a
massive improvement on
where we were 12 months
ago, if not quite as
dramatic as the plans
unveiled in the summer.
"The single tier Kop
remains fundamental to
the design and we are not
expecting any delays
– it should be on
schedule for 2011."
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