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Barclays Capital etc

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I don't see the extension of deadline as good thing.

This means that we won't have a resolution on how to bring in money before the transfer window ends.....which makes me fear that we are going to have another poor transfer window, that would make it three straight years of shoddy transfer activity. Benitez is defi not going to get 60 million. But a manager worth his salt should be able to turn this team around around with another 30 million outlay (not Purlow's calculation of 30 million pound transfer window outlay) and 40 million should make it really comfortable. Benitez is acting like a brat, which is hard to digest, especially when he is mostly responsible for the last two poor transfer window....that's another story.
 
The extension is given with a promise of selling the club. By making it official later this week that the club is up for sale, they'll be gone sooner rather than later. Nobody knows how long it will take to actually sell the club though. But it could be done during the summer.

The big difference now with Barclays and the previous attempts, is that now both owners want out and want to sell. That wasn't the case last time around.

Bringing Broughton to oversee the sale is also a clear indication that something will happen.
 
Nicked this of TIA;

Barcap are not refinancing LFC from what I can tell today.

That was a pap story by some pap press.

RBS are going to extend for Hicks & Gillett for 6 months as long as they promise to find a buyer within that time.

So 6 months maximum from July is what they will have.

They will no longer be the owners of LFC by January 2011.

That isn't me telling you that - that is their undertaking to RBS.

Martin Broughton is the new non-executive chairman of Liverpool. He is tasked as we know with finding new owners. That was confirmed to me a couple of days ago & again today. He will be backed in the task of finding new owners by Barclay's Capital. Again, they are not refinancing, but are giving their support & vast wealth of knowledge to Broughton in that search.

As far as I can tell today - this is good stuff for us.

January 2011 is where this particular nightmare will end, although privately people believe it will be over considerably quicker than that.

Why now?
Whats different now?
What makes people bid now when they could have bid before?

The pledge that both men will stand down & will sell their complete holding.

That has considerably changed from only recently when Hicks wanted to remain in some capacity. That now is not the case. So for new owners, the promise that neither Hicks or Gillett will be lingering around like a bad smell is all the incentive they need.

The seasons end will be where the fun starts.
 
I would've thought a prospective new owner would want to be in place during a transfer window so they can allow the manager to freshen the squad or bring in another manager to reshape the squad.
 
[quote author=jan link=topic=39787.msg1087100#msg1087100 date=1271099784]
That Broughton guy is apparently also a Chelsea season ticket holder
[/quote]

I don't care as long as he helps us to get rid of these two clowns.
 
[quote author=Doped White Mouse link=topic=39787.msg1087231#msg1087231 date=1271142649]
[quote author=jan link=topic=39787.msg1087100#msg1087100 date=1271099784]
That Broughton guy is apparently also a Chelsea season ticket holder
[/quote]

I don't care as long as he helps us to get rid of these two clowns.
[/quote]

exactly. who gives a shit?
 
I don't buy all this Broughton and Barclays guff. Why would they be in a better position to sell the club?
As was said the main sticking point for any buyer has been the fact that Hicks and/or Gillet have always put conditions on it,like how much they want to retain.
There is more to this than that.


regards
 
Guardian latest:

The Royal Bank of Scotland is to increase its control at Liverpool having insisted on the appointment of an independent chairman, Martin Broughton of British Airways, as part of its latest refinancing offer to the club's co-owners, Tom Hicks and George Gillett.

Hicks and Gillett are expected to confirm within the next 48 hours their intention to sell Liverpool eventually, with an announcement that Barclays Capital has replaced Rothschild and Merrill Lynch as the bank searching for new investors. The appointment of Broughton as the chairman is due to be ratified by the Americans this week, signalling increased influence in the Anfield boardroom by the largely government-owned RBS.

The deal represents a six-month extension to Hicks and Gillett's existing arrangement with the bank and affords the Americans added time to find an investor willing to meet their £500m asking price for the club. It also reduces the threat of a "fire-sale" of key assets such as Fernando Torres and Steven Gerrard this summer should the co-owners fail to repay £100m of their £237m debt before July, as was stipulated in their last refinancing agreement.

The failure of Hicks and Gillett to secure investment is the latest in a catalogue of unfulfilled promises by Liverpool's unpopular co-chairmen, who have had a fractured business relationship and have both been badly affected by the global economic crisis. The proposed appointment of Broughton, therefore, is an attempt to break the state of paralysis over major decisions within the Anfield boardroom and gives Liverpool's lenders greater assurance over the co-owners' efforts to sell. Liverpool last night declined to comment on Broughton being an RBS appointment.

The former chairman of British American Tobacco, the British Horseracing Board and current deputy president of the CBI will work alongside Liverpool's managing director Christian Purslow in the search for new investment. Several parties have expressed interest in Liverpool, who need to reduce their debt before work on the stalled but critical stadium project can commence, but only one, The Rhone Group, has submitted an official offer since Purslow's global hunt for possible investors began last year. The deadline on their proposed offer of £110m for a 40% stake in Liverpool passed last Monday.

Hicks and Gillett are believed to be close to finalising the refinancing extension with the RBS, although what funds will then be left available to manager Rafael Benítez for spending on new players this summer is uncertain. Reports of an alternative, three-year refinancing deal with Barclays Bank have been denied by officials at Anfield and sources close to the Americans.

Liverpool look increasingly likely to miss out on the revenue streams from the Champions League next season after falling six points behind fourth-placed Manchester City following Sunday's goalless home draw against Fulham. Their vice-captain, Jamie Carragher, is adamant, however, that Liverpool can withstand the impact of a season outside the European elite, a feeling shared by Anfield officials.

"People forget that there have been times when we haven't played in the Champions League," Carragher said. "We missed out under [Gérard] Houllier at Bradford on the last day [in 1999-2000], and we had to win the trophy to get into the Champions League in the current manager's first season.

"It's nothing new if we don't get there. People are saying that if we miss out, then that'll be it for us, as though we'd never get there again. That's just nonsense. If we can't get there we'll battle on next year. We can't be as bad as we have been this season, so I'm sure we will be getting back in the Champions League next season. The Champions League is a big thing, you want to play in it and the revenue it generates is important for the club. But the way people are talking, you'd think if we don't get in this season, we'll never get in it again. Who knows what the future holds? But we're a massive club and I'm sure we'll get back into the Champions League."

Liverpool's concerns over the fitness of Torres have increased after scans on the extent of the striker's latest knee injury proved inconclusive. The Spain international underwent an assessment in Barcelona yesterday and is to remain in Spain for further treatment. He received treatment and will continue to do so over the next few days, with the injury being reassessed later this week," the club confirmed.
 
Are Yanks really going... or is this just another big lie in their phoney war?
By Brian Reade


There is a scene in Fatal Attraction which makes a regular appearance in the nightmares of most Liverpudlians.

No matter how times Michael Douglas tries to stop deranged stalker Glenn Close from killing him and his family, he fails.

Just as he thinks he’s finally done the deed, after kicking, strangling, and drowning her, even as he stares into her dead eyes and a wave of relief floods through his body, her terrifying visage bursts back to life.

For Douglas and his family read Liverpool fans and their club. For Close read George Gillett and Tom Hicks.


Which is why, as the Americans nail on their best sincere face and summon up their best folksy charm, and tell the fans that this time, they really do have the interests of the club at heart and they are about to do the decent thing and never darken Anfield’s door again, it is taken with a container-load of salt.

Because we’ve seen it all before. For three years in fact. Scouring business pages when we should have been looking in the sports sections.

Their entire reign at Anfield has been based on deception. From the day they sweet-talked those amateurish buffoons David Moores and Rick Parry into giving them control of Britain’s most successful football institution on the cheap, they have deceived.

Saddling the club with a debt they vowed would never arrive, mugging every Kopite in the process and putting the club on course for three seasons of turmoil, skintness, warfare and depression.

From being a proud, dignified club which did things The Liverpool Way, it has become an undignified madhouse mired in an ugly internal civil war, the casualties of which eventually became the team itself, as witnessed by a woeful season which looks like ending their Champions League status.

From promising to build a new stadium to denying sounding out Jurgen Klinsmann as manager behind Benitez’s back, from promising they would be personally responsible for the club’s debts to claiming they were amicable partners when they loathed each other, these two have never been up-front and honest with the fans.

In one week alone last October Gillett told fans group Spirit of Shankly four statements which do not hold up to scrutiny.

* “The club’s debt situation is very sound.†It was £44.8million when they took over, it rose to £245m.

* “It wasn’t me who said we’d start building a new stadium in 60 days, it was Hicks.†It was him.

* “We’ve spent £128m on top of what’s come in over the past 18 months to buy players.†Rafa Benitez’s net spend over that period was £20m.

* “Liverpool is in an extraordinarily good financial position.†That’s why the RBS had told them to find £100 million new investment or the game was up.

Right down to the mouthing of You’ll Never Walk Alone with shiny new red scarves on, everything that’s left their mouths about Liverpool FC has seemed phoney.

Even the timing of this latest announcement shows how little they know or care about Liverpool. Who wants to be talking about banks and takeovers in a week when the only thoughts on fans’ minds are of the 96 they left behind at Hillsborough 21 years ago?

So why shouldn’t fans now wonder if this latest development is yet another ruse to distract attention while they shuffle the debts from one bank to another?

The fans see them as cowboys and don’t trust a word from their mouths. It’s why news that they will become sleeping partners at Anfield will leave most of them deeply cynical.

Because while their dollars are in the club, and they demand they walk away with an over-inflated profit, who can believe that they would sit meekly in the background while others cut the deals? Who can believe that they would willingly allow strangers to pull the strings on their latest leverage venture?

So long as they’re there they will be viewed as everything that is wrong with Liverpool and modern football. Like Glenn Close, fans will always fear Hicks and Gillett are out to destroy the thing they hold dearest.

It would be nice to think that Barclays Bank or Martin Broughton are about to do what Michael Douglas’ wife did and give them the bullet.

But Liverpudlians won’t believe it’s happened until all trace of their presence is wiped off the boardroom carpet.
 
Didn't Amanda Staveley broker a deal whereby certain families from Abu Dhabi and Qatar invested about £7b in Barclays?

Hmmmm.
 
[quote author=Sheik Yerbouti link=topic=39787.msg1087265#msg1087265 date=1271149217]
Didn't Amanda Staveley broker a deal whereby certain families from Abu Dhabi and Qatar invested about £7b in Barclays?

Hmmmm.
[/quote]

And took a 20m fee for her troubles.....

And brokered the deal to buy Man City...

Barclays Capital and the new chairman have been brought in i) as a buffer between G&H and the market and ii) to add new ideas/ fresh networks as the Americans have exhausted every route possible for new investment.

The new board structure basically signals that the power struggle at the top of the club has ceased to be an insurmountable problem
 
[quote author=Vlads Quiff link=topic=39787.msg1087245#msg1087245 date=1271146457]
I don't buy all this Broughton and Barclays guff. Why would they be in a better position to sell the club?
As was said the main sticking point for any buyer has been the fact that Hicks and/or Gillet have always put conditions on it,like how much they want to retain.
There is more to this than that.


regards
[/quote]

with broughton on board the yanks lose the power of veto therefore (for example) broughton and gillette wanted a deal to go through it would go through, very different from last time when hicks fucked up the deal with his veto.
 
I think what we have or are (seemingly) going to have is a whole different ball game for any potential investors to consider from here on in. H&G are now apparently saying they are getting out completely.

H&G hanging on retaining a controlling interest was not going to attract the right investment, even with a minority share it was a likely stumbling block.
Had they said this when Torkington was initially looking for investment I am sure it would have happened by now.
This is just the sign that any potential investors are looking for.
Bunny, I am not being cryptic, it's just a feeling. I just think the Barclays thing could be a convenient vehicle for an interested party, to deal through.
As Sheik says if the middle East are big in Braclays, who knows
I am not sure how much of their "power" the Americans have given up, they still own it. I just think there is an acceptance that the thing is too much trouble and too big for them to chew in the present climate.


regards
 
How an ex of Prince Andrew could be Liverpool’s saviour
Posted on Monday, 12th April 2010 by David Tully

George Gillett and Tom Hicks decision to finally sell the club outright was effectively forced on them. After they rejected the offer from the Rhone Group for 40% of the club, the deadline of the 31st June set by the Royal Bank of Scotland has come ever nearer. RBS and Wachovia were demanding that Liverpool’s debt be reduced by £100million and they were unwilling to refinance the loan for a longer period. The only way they could convince RBS and Wachovia to extend it further was to convince them that they were going to sell off the club entirely. To do this, they will bring in Martin Broughton sometime this week as an independent chairman to act as a reasonable intermediary between the American owners and potential investors, while hiring Barclays Capital to look for potential buyers.

The hiring of Barclays Capital is crucial for one fundamental reason, the involvement of a woman called Amanda Staveley. Born to a rich landowner, Staveley progressed to studying Modern Languages at Cambridge before dropping out to become a business entrepreneur. She was initially successful as a businesswoman buying a restaurant called Stocks in Cambridge and then founding a business out-sourcing company called Q.ton. However after the dotcom boom went sour, the business went bust after a merger and Staveley’s business career seemed to be over before she was in her thirties.

Staveley was however a stubborn lady and moved to Dubai to regroup in 2001. She set up a firm called PCP Capital Partners and she has progressed over the last 10 years to build the best contact list in the Middle East of any Western businesswoman. She became good friends with one of the richest members of the Abu Dhabi Royal family Sheikh Mansour bin Zayed Al Nahyan and was instrumental in the Sheik’s takeover of Manchester City. She was paid a £10million commission for her services but the interest for Liverpool fans doesn’t end their. Staveley also has some fantastic connections in the City, including a top banker at Barclays. They combined to help bail out Barclays Bank when the recession hit in 2008.

Rather than be bailed out by the taxpayers, Staveley got Sheikh Mansour to buy 16% of Barclays at the cost of £3.5billion while her Barclays banker partner got the Qatari government to invest to shore up the bank. She was given £40million personally for her involvement in the deal and her personal wealth now stands at over £100million. She still works incredibly hard at her work though and it is said that she turned down a marriage proposal from Duke of York Prince Andrew to focus on her business. Her friends include people such as Simon Cowell but she is seen to be an incredibly down to earth person, no doubt down to her previous failings in business a decade ago.

Her connections in the Middle East no doubt mean her services will be utilised again by Barclays Capital in the sale of Liverpool Football Club. Both her previous involvement in football takeovers and her contacts with rich investors in the Middle East mean her participation will be essential. In fact, Staveley has been involved with a takeover of Liverpool before, fronting DIC’s bid for the club, so the omens look pretty good that she will find a potential investor this time. A Sheik from the Middle East could well be coming to Merseyside if all goes to plan.
 
[quote author=TheBunnyman link=topic=39787.msg1087312#msg1087312 date=1271156129]
Hmmm.

*strokes chin*
[/quote]

*scratches arse*
 
That sounds reasonably promising.

Although I don't want to know how she convinces these Arabs to buy stuff.
 
[quote author=Squiggles link=topic=39787.msg1087328#msg1087328 date=1271157614]
That sounds reasonably promising.

Although I don't want to know how she convinces these Arabs to buy stuff.
[/quote]


C_71_article_1065023_image_list_image_list_item_0_image.jpg



Maybe she just drops to her knees.
 
So in summary for the late comers like me.

The owners fail to come up with the necessary cash to refinance the RBS loan. Game is up. RBS demand they sell. Power of veto removed from G&H. BA chairman and Barclays hired to find buyers.

Seems to me like RBS has done us a favour here.

The problem now is we don't jump into the fire.
 
[quote author=M_B link=topic=39787.msg1087335#msg1087335 date=1271158728]

The owners fail to come up with the necessary cash to refinance the RBS loan. Game is up. RBS demand they sell.
[/quote]

not as simple as that. if rbs put too much pressure on them they could refinance the loan at another banks. the only positive thing about this is the yanks have gone to barcap to sell the club which indicates they want out.
 
I would have thought that if they could have refinanced the loan through another bank that they would have done it by now. RBS don't really care how they get their money, so long as they do and will no doubt put as much pressure on them as they need to in order to achieve that.
 
So effectively we've got a new 6 month extention on the loan, and they've bought in someone to help Purslow get investment, although now for a complete takeover of the club?

There's been an awful lot written to just explain that, or have I missed something?
 
[quote author=Squiggles link=topic=39787.msg1087365#msg1087365 date=1271162582]
So effectively we've got a new 6 month extention on the loan, and they've bought in someone to help Purslow get investment, although now for a complete takeover of the club?

There's been an awful lot written to just explain that, or have I missed something?
[/quote]

the main points are

* they actually want to sell

* they have hired someone which experience of dealing wealthy business men to secure a buyer

* with a new chairmen the yanks lose their power of veto

* a condition of the loan extention is the club is sold
 
[quote author=spider-neil link=topic=39787.msg1087366#msg1087366 date=1271162952]
[quote author=Squiggles link=topic=39787.msg1087365#msg1087365 date=1271162582]
So effectively we've got a new 6 month extention on the loan, and they've bought in someone to help Purslow get investment, although now for a complete takeover of the club?

There's been an awful lot written to just explain that, or have I missed something?
[/quote]

the main points are

* they actually want to sell

* they have hired someone which experience of dealing wealthy business men to secure a buyer

* with a new chairmen the yanks lose their power of veto

* a condition of the loan extention is the club is sold
[/quote]

Good summation S-N
 
[quote author=Squiggles link=topic=39787.msg1087367#msg1087367 date=1271163081]
Isn't football exciting these days?
[/quote]

no, that's why were so interested in the details this new developement. I doubt people would be as interested if we were top of the league with five games to play.
 
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