Liverpool In Worse State Than Newcastle?

Last Updated : 12-Nov-2008 by
Keith Harris, who has brokered takeover deals for five Premier League clubs, believes Liverpool and Merseyside rivals Everton could be affected by the credit crunch ... as well as Newcastle.

Premiership clubs were warned that the influx of business men looking to raise their profile by bringing millions to the game, could cause mayhem in the game.

And how right they were!

Mike Ashley has got Newcastle in a worse state than the Yank economy. A man who wanted to be a recognised face in the sport, although he has found himself in a situation were he is too frightened to return to the club he owns.

Liverpool owners Tom Hicks and George Gillett have two months to pay back a reported £350million worth of debt.

Harris feels the banks must consider whether to repossess the club if neither refinancing nor new financial stakeholders can be found, while he also thinks Liverpool might have to cash in on some of their top players if there is no fresh investment.

Harris: "The one that worries me is Liverpool.

"It has never been more difficult to find buyers.

"It's no longer a question of price negotiation - it's should we? People are wondering if now is the time to spend.

"Liverpool's debt is due in January, with maybe a six-month extension.

"The two banks which are the principal lenders - the Royal Bank of Scotland and Wachovia - are two of those that have suffered. Whether they want to lend it again or not, they may not be able to.

"There is no progress at all."