Page last updated at 12:27 GMT, Monday, 27 July 2009 13:27 UK

Liverpool agrees bank debt deal

Liverpool owners George Gillett (left) and Tom Hicks
The club's owners are having to sell assets in the US and Canada

Liverpool Football Club - which owes two banks £350m - has renegotiated its debt with the Royal Bank of Scotland.

Club owners Tom Hicks and George Gillett are believed to have extended the £290m RBS debt for another year, but agreed to pay back £60m.

Negotiations between RBS, Wachovia and the owners have been prolonged, with fears the banks may call in the loans.

Latest accounts show Kop Holdings, the parent company of the Anfield club, lost £42.6m in the year to August 2008.

Annual figures showed that interest payments accounted for £36.5m of those losses.

New players

The club has continued to spend on new players as it looks to try and win the top prizes in the game, with Portsmouth defender Glen Johnson joining in a £17.5m move.

But the owners have failed to find the money to build the club's new stadium, with preliminary work on the Stanley Park venture halting during last season.

In June, Mr Gillett agreed to sell one of his major assets - his 80% stake in the NHL's Montreal Canadiens ice hockey team - in a deal which would ease financial pressures at the Premier League club.

Meanwhile Mr Hicks has been reportedly looking to sell off elements of his own sporting empire - which includes Major League Baseball's Texas Rangers and the NHL's Dallas Stars.

Liverpool was put on the market last year with a reported asking price of about £500m, but no sale was finalised.

Print Sponsor

Liverpool name managing director
22 Jun 09 |  Liverpool
Liverpool owner agrees NHL sale
21 Jun 09 |  Business
Final whistle for Liverpool's loans?
05 Jun 09 |  Business
Liverpool FC owners lose 42.6m
04 Jun 09 |  Business
Benitez must sell before buying
28 Apr 09 |  Liverpool
Kuwaiti group denies Reds reports
23 Jan 09 |  Liverpool
Parry to leave post at Liverpool
27 Feb 09 |  Liverpool

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific