TOM HICKS has denied promising previous Liverpool owner David Moores that he wouldn’t plunge the club into debt.
The extensive borrowing of Hicks and co-owner George Gillett have sent Liverpool £351million into the red and burdened them with crippling annual interest payments.
Moores says that went against what was agreed when he sold them the club in 2007. The former chairman insists the terms of the deal were “unambiguous†and that investment bank Rothschild & Sons had guaranteed that the pair were “good for the moneyâ€.
However, Hicks denies that anyone was misled.
“In our agreement with the seller, no representation was made that the new ownership group would be debt-free,†Hicks said.
Hicks described Moores' criticism of their reign and his plea for them to sell up as a “weak attempt to deflect attention from the prior ownerâ€.
The extensive borrowing of Hicks and co-owner George Gillett have sent Liverpool £351million into the red and burdened them with crippling annual interest payments.
Moores says that went against what was agreed when he sold them the club in 2007. The former chairman insists the terms of the deal were “unambiguous†and that investment bank Rothschild & Sons had guaranteed that the pair were “good for the moneyâ€.
However, Hicks denies that anyone was misled.
“In our agreement with the seller, no representation was made that the new ownership group would be debt-free,†Hicks said.
Hicks described Moores' criticism of their reign and his plea for them to sell up as a “weak attempt to deflect attention from the prior ownerâ€.
