Liverpool For Sale, Announced By Co-Owners
Liverpool's American co-owners Tom Hicks and George Gillett Jr.today confirmed that they want to sell the debt-ridden English Premier League football club, after being the owners for three years.
Hicks and Gillett Jr. announced that they have hired Barclays Capital to advise on the sale and added that that the Chairman of the British Airways Martin Broughton would also act as an advisor to oversee the process. "Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families. We have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development," Hicks and Gillett said in a joint statement.
Hicks and Gillett have been trying for the last couple of years to attract investors to reduce the debt, which stands at $364 million, of the Anfield-based outfit. But the duo failed to attract investors and raise finances.
"There has been a long process of Hicks and Gillett looking for investors — the decision has now been made to exit. This is not the ad hoc process that has been along so far," said Broughton.
Gillett had tried to sell his 50% stake to Dubai International Capital (DIC) group in 2008, but his move was blocked by Hicks. The DIC had also offered an outright $773 million takeover bid, but it was rejected by Hicks.
