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Page last updated at 14:39 GMT, Friday, 24 July 2009 15:39 UK

Fans revise Liverpool buy-out bid

George Gillett (left) and Tom Hicks (right)
The 350m debt owed by Gillett (left) and Hicks is due to be repaid in July

Supporters groups Spirit of Shankly and ShareLiverpoolFC have unveiled a new, joint proposal to buy Liverpool.

The supporters' organisations are unhappy with the financial structure of the club following the takeover by Americans George Gillett and Tom Hicks.

The key change to the original "member-share" proposal is a reduction of the share price from £5,000 to £500.

Gillett and Hicks have been allowed to delay repaying the club's £350m debt in full, it emerged on Friday.

The Americans had been negotiating an extension on the club's debt with the Royal Bank of Scotland for several months and sources said a statement would be issued next week.

The alternative was for one of the world's biggest clubs coming, effectively, under the control of the Government who own a majority share in RBS.

Last month RBS took the unprecedented step of writing to Liverpool's supporters to justify continuing financial support of the club's American co-owners. The bank had been flooded with e-mails from fans calling for the plug to be pulled on Hicks and Gillett's debt.

Before Friday's development, the SLFC had issued a statement on Thursday evening.

It said it had a "realistic plan" to achieve "broadly-based fan ownership of the club" and would work to "relieve the level of debt, by offering Liverpool fans an affordable entry fee and a chance to get a modest return for their additional financial support."

dual nationality is a wondrous thing

It added: "We need all Liverpool fans to carefully consider the proposals in detail on our website and let us know what they think."

The supporters' groups first proposed a takeover - the model of which is based upon that operated by Barcelona, Real Madrid and other European clubs - in January 2008.

Initially they hoped to raise £500m from 100,000 fans each paying the £5,000 'entry fee', but this has now been reduced.

The aim is to acquire a 60% stake in the club by raising £150m while seeking a "commercial partner" to invest £100m for a 40% stake.

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see also
Liverpool close to bank debt deal
23 Jun 09 |  Business
Lawrenson fears Liverpool decline
05 Jun 09 |  Liverpool
Liverpool FC owners lose 42.6m
04 Jun 09 |  Business
Reds fans attend takeover meeting
28 Aug 08 |  Merseyside
Minister backs Reds takeover bid
27 Aug 08 |  Merseyside
Liverpool fans eye takeover talks
09 Apr 08 |  Business
Hicks plots total control of Reds
04 Mar 08 |  Liverpool
Business backing for LFC fan bid
28 Feb 08 |  Business
Fans make Liverpool takeover move
31 Jan 08 |  Business
Liverpool complete 350m package
25 Jan 08 |  Liverpool

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