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Author Liverpool Refinancing, going bankrupt, etc. FAO Marcus, et al
Cosmo
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27th Jul 09 at 14:34   View User's Profile U2U Member Reply With Quote
Reportedly a deal has been agreed with RBS to refinance the loans with RBS and Wachovia.

The loan we had was for £350m, but we had only used approx £300m of this. This cost us approx £35m in interest payments at the last accounts released.

The new loan is for £230m, this works out as the initial £350m loan minus the £60m that was set aside for the new stadium. G&H will then put in a further £60m of their own money to lower it to £230m. Its only for a year.

Now given £230m is approx 75% of the amount we paid £35m interest on, if the new deal is at a similar rate we should see our interest payments drop by just under £10m a year.

Few rumours going round about the deal....RBS wanted a date set in stone as to when the work on the new stadium would begin, as they know this is the best way to see a sure fire return on this. Apparently a date before the end of this year has been given and penalties are in place should they not be met.

The other rumour is that G&H have found a 3rd investor to pump in the £60m RBS wanted. No names yet though.
JonnyJ
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27th Jul 09 at 14:37   View User's Profile U2U Member Reply With Quote
Saw this on BBC's site. So when will i see AFC Liverpool in the conference?
Cosmo
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27th Jul 09 at 14:41   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by JonnyJ
Saw this on BBC's site. So when will i see AFC Liverpool in the conference?


Dont know, dont care.

http://afcliverpool.org.uk/go/
Danny P
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27th Jul 09 at 16:38   View User's Profile U2U Member Reply With Quote
AFC Liverpool
will_doyle
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27th Jul 09 at 17:11   View User's Profile U2U Member Reply With Quote
Seen this on Liverpool site. Don't really understand it.
Cosmo
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27th Jul 09 at 17:13   View User's Profile U2U Member Reply With Quote
Its not too hard to understand really.
will_doyle
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27th Jul 09 at 17:16   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Cosmo
Its not too hard to understand really.


Haven't Liverpool gone into debt.. and they have agreed something with the Bank of Scotland?
Nath
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27th Jul 09 at 17:24   View User's Profile U2U Member Reply With Quote
Debt FTL
Cosmo
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27th Jul 09 at 17:25   View User's Profile U2U Member Reply With Quote
Basically....

Gillett and Hicks bought the club using loans which they secured on their own personal assets, these totalled £280m. £175m to buy the shares, £45m to cover the debt the club had at the time of purchase and £60m for general running of the club.

18months later and the loan needed refinancing. They agreed a deal for a loan of up to £350m this time. £60m was to be for the building of the new stadium only, and the rest was for the amounts above. A certain amount of this was secured on the club itself (the £60m day to day costs, and the £60m for the stadium), however not all of this was ever given to us from RBS as it was not needed. The rest was secured on the holding company and their personal assets (about £180m on their assets I think).

They have no just refinanced again. This time the £60m for the stadium isnt included as that will be done separately now, and the amount they are borrowing is being lowed to only £220m.

How this will be secured is unknown, but if RBS insist as they did last time it wont be on the club and will be on their personal assets.
Nath
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27th Jul 09 at 17:28   View User's Profile U2U Member Reply With Quote
One of them is selling their NHL team or something. Correct?
Cosmo
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27th Jul 09 at 17:44   View User's Profile U2U Member Reply With Quote
Selling or sold, not sure where it is up to.

He has accepted an offer of $510m for Montreal Canadiens which he bought for $185m back in 2001.
Nath
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27th Jul 09 at 17:44   View User's Profile U2U Member Reply With Quote
Yeah includes the stadium and all the other guff that goes with it. Selling his 80% to the people who own the other 20%.
Cosmo
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27th Jul 09 at 17:47   View User's Profile U2U Member Reply With Quote
Yep, back to the people he bought the 80% share from, the Molson family.
Nath
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27th Jul 09 at 17:52   View User's Profile U2U Member Reply With Quote
'back' to them? Idiots.
Cosmo
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27th Jul 09 at 18:00   View User's Profile U2U Member Reply With Quote
Aye, is a bit ridiculous, helps us though as means Gillett now has plenty of free cash which Ive a feeling he'll use to get the new stadium started.
Marc
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27th Jul 09 at 19:02   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Danny P
AFC Liverpool

Marc
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27th Jul 09 at 19:04   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Cosmo
He has accepted an offer of $510m for Montreal Canadiens which he bought for $185m back in 2001.

Idiots!
Danny P
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27th Jul 09 at 19:50   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by will_doyle
quote:
Originally posted by Cosmo
Its not too hard to understand really.


Haven't Liverpool gone into debt.. and they have agreed something with the Bank of Scotland?

They took a £4k loan out to buy a new set of goal posts and its been downhill ever since
Marc
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27th Jul 09 at 19:56   View User's Profile U2U Member Reply With Quote
I blame the groundsman Danny.
Cosmo
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27th Jul 09 at 20:00   View User's Profile U2U Member Reply With Quote
Yup, he is only part time and couldnt afford the repayments.

I think it didnt help that he insisted on taking out insurance on the posts and paying it off in one go rather than monthly.
Cosmo
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28th Jul 09 at 09:32   View User's Profile U2U Member Reply With Quote
Another little snippet Ive read is that they will half the new loan to £115m sometime in the near future and this will then aid them in securing the financing needed to build the stadium.

Probably not a bad idea tbh, as although they'll have to throw some more money into the club (or get a 3rd investor for this amount) it will allow the stadium money to be secured on the club which is what makes sense to do until it is built and it can be secured on the future income and sponsorship/naming rights.
Danny P
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28th Jul 09 at 12:11   View User's Profile U2U Member Reply With Quote
Has work started on't stadium then, or is it still at planning stage?

I know you've got permission etc, but have work physically started?
Cosmo
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28th Jul 09 at 12:12   View User's Profile U2U Member Reply With Quote
It kind of started and then stopped. The ground works started, the area was all cleaned up, etc. but thats where it stands.
Nath
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28th Jul 09 at 12:19   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Cosmo
It kind of started and then stopped. The ground works started, the area was all cleaned up, etc. but thats where it stands.


Bet it took them ages to clear up all the smashed glass in that car park
Cosmo
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28th Jul 09 at 12:20   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Nath
quote:
Originally posted by Cosmo
It kind of started and then stopped. The ground works started, the area was all cleaned up, etc. but thats where it stands.


Bet it took them ages to clear up all the smashed glass in that car park


Yeah, well thats what we get for letting your lot come up here, all our cars broken into

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