The American owners of Liverpool FC are under pressure to relinquish control of the Premier League club to a new investor by the end of the summer. RBS which is owed about 350m by Kop Holdings is losing patience with attempts to find a buyer for the Merseyside club and could take control of the process.
The Sunday Times has discovered that a clause in the loan documents allows RBS to call in a substantial amount of the money owed in October. The move would trigger a default on the debt by the club.
Control of the club would pass to the bank which is majority owned by British taxpayers. The American owners Tom Hicks and George Gillett were due to repay the debts in March but were given an extension of a year in return for agreeing to sell up.
RBS wants to continue its financial relationship with Liverpool but it wants Martin Broughton, the chairman, to find a new owner quickly.
Pre tax losses jumped 17% last year to 54m, taking losses over the last two seasons to 95m. Annual interest payments rose to 40m.
Although the bank has no desire to own one of Britain's best supported and most successful football clubs, it is not afraid temporarily to take control of the sale process. RBS are considering using the October date as a final deadline for the Americans to sell up.
The Sunday Times has discovered that a clause in the loan documents allows RBS to call in a substantial amount of the money owed in October. The move would trigger a default on the debt by the club.
Control of the club would pass to the bank which is majority owned by British taxpayers. The American owners Tom Hicks and George Gillett were due to repay the debts in March but were given an extension of a year in return for agreeing to sell up.
RBS wants to continue its financial relationship with Liverpool but it wants Martin Broughton, the chairman, to find a new owner quickly.
Pre tax losses jumped 17% last year to 54m, taking losses over the last two seasons to 95m. Annual interest payments rose to 40m.
Although the bank has no desire to own one of Britain's best supported and most successful football clubs, it is not afraid temporarily to take control of the sale process. RBS are considering using the October date as a final deadline for the Americans to sell up.
