The Final Showdown Looms
SHARELIVERPOOLFC WELCOMES EARLY DAY MOTION (WITH CAUTION)
The broken promises of Liverpool FC’s owners have not gone unnoticed by MPs. As the deadline for the refinancing of the loan to LFC’s owners looms, MPs have urged the government to put pressure on RBS not to extend the loan.
According to reports in the Liverpool Echo, MP for Walton, Peter Kilfoyle, acknowledged that RBS is an autonomous organisation, but explained that the government, as majority shareholder, has some considerable power in influencing decisions.
The Early Day Motion, tabled by Peter Kilfoyle, relates to ‘Royal Bank of Scotland and Liverpool Football Club.’ It states:
‘That this House notes the Government's 60 per cent stake in the Royal Bank of Scotland; further notes that the Royal Bank of Scotland provides a credit facility for the American ownership of Liverpool FC; is aware that the American owners have failed to deliver a new stadium for Liverpool FC, thereby delaying indefinitely the regeneration of one of the most needy areas of the country; and therefore calls on the Government to ensure that the Royal Bank of Scotland does not renew that credit facility at the end of its current term.’
(EDM 1669, 15th June 2009)
ShareLiverpoolFC share these concerns surrounding the delay in building the new stadium, and especially its effect on the local community, but our fears for the future of Liverpool FC lie deeper than this. The financial statements released recently give us real cause for alarm. Not extending the loan is not enough to safeguard the future of Liverpool Football Club. We are urging the government and RBS not only to refuse to renew credit facilities to the current owners, but also to consider plans to put the Club into the hands of the only people we can be sure will look after its long-term future: the Fans.
ShareLiverpoolFC would like to reassure you as ‘registered members’ that we are doing all we can to become involved in negotiations. We are working closely with Supporters’ Direct and Spirit of Shankly, as well as leading businessmen and politicians to achieve this end. We must be able to offer a sound alternative to the current regime and your support helps us do this with credibility.
David Moores quits
With the announcement that David Moores has joined Rick Parry in quitting the board of LFC, no doubt many who blame him for selling to the Americans will be delighted. However, we should remember that between them, Parry and Moores exercised their rights on the board to limit the amount of debt Hicks and Gillett could place on the club, and ensured that they gave personal guarantees for up to £40 million. Now they are no longer there, there is nobody to restrict the owners' freedom of action - except perhaps the banks themselves.