18 September, 2010

When Bad Becomes Worse

Perhaps "You'll Never Payoff Your Loans" is a good suggestion for a new motto for Liverpool. According to ESPN reports, with buyers circling the drain also known as Liverpool, co-owner Hicks is looking to buyout Gillett to take complete control of the club.

That's nice and all, but when you seek to finance your buyout by enlisting Chinese Mutual Fund giant (it really is run by the Chinese government) at exhorbinant rates, you're spelling out disaster for the club.

It is expected that Hicks will take on debt surpassing that of even Man U ($1.5bil) in hopes of staving off a bank takeover for not paying back loans. Somehow, I think Hicks is in even merrier la-la land than previously thought because at these rates, even Vegas bookies would blush and when he fails to find a buyer (which at these rates and with that debt, who would buy Liverpool), Blackstone will take over.

Sad really. Never was a Liverpool fan, but nothing says "We hate America" like ruining a club eight ways from Sunday.

Maybe they should stick with "You'll Never Walk Alone", because the fans will need all the family support they get when they see their club mortgaged and the prices go through the already high ceiling.

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