CrashOverride Posted January 4, 2009 Share Posted January 4, 2009 Now you could argue that this is for the bugs forum but its more of a discussion than a bug so here goes! I have just been taken over by a consortium who have immediately pumped 88 million into the club and announced they are going to improve youth and training facilities. Now im Liverpool and we probably dont need that much investment in these areas but hey its an investment more then Mr Hicks ever did. So I decide I'll go and check out my finances and just look at the nice new balance! Anyone who has played the game with Liverpool will know (as im sure many other clubs) that you loose over 3 million a month to paying back debts from the Americans. Now in my opinion he has now left the club and been brought out by the consortium and his debt should also have gone with him surely? But no I still have my chairman loan of 245 million quid to pay back for another 9 years. Has anyone else had this happen to them and what do you all think should happen to this debt? Link to post Share on other sites More sharing options...
jod123 Posted January 4, 2009 Share Posted January 4, 2009 Well they obviously owe it to the former chairman, so unless the consortium payed it to him when buying the club, then I doubt it should just disappear. Link to post Share on other sites More sharing options...
phnompenhandy Posted January 4, 2009 Share Posted January 4, 2009 It seems that when Mike Ashley bought Newcastle he found himself taking on a lot of debts he hadn't known existed - he didn't do the 'due diligence' inspection of the accounts well enough because he was in a hurry to buy. Link to post Share on other sites More sharing options...
andyinuk Posted January 4, 2009 Share Posted January 4, 2009 i think the debt is on the club rather than the owner. So the new owners will still need to pay it off. Link to post Share on other sites More sharing options...
CrashOverride Posted January 4, 2009 Author Share Posted January 4, 2009 Yeah it looks that way just strange that is described as chairman debt. Particularly as in Liverpools case the money was borrwed against the club by the chairman to buy the club. I understand why its there just find it annoying that even after they are gone were still paying their loan off! That 3 Million a month would go along way to a new stadium! Link to post Share on other sites More sharing options...
TomHAVFC Posted January 4, 2009 Share Posted January 4, 2009 It depends how big the debt is. If it's like 30mil then when the club is taken over the new chairman will pay 30mil extra for the club so it can wipe off the debt but if it's 245mil as in your case Huw then I doubt anyone would add that to the price they are paying for the Club. Especially as it is Liverpool who would command a price of around 300mil at least. Add the debt to that and you're looking at over half a Billion pounds. That's a lot of money. Link to post Share on other sites More sharing options...
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