Wednesday, March 14, 2007

Loan

Thomas O Hicks and George Gillett Jr, the two American businessmen who are close to completing their takeover of Liverpool, have borrowed almost £300m from the Royal Bank of Scotland to finance the deal.

The bank has loaned the money at 1.5% above the current standard lending rate, meaning that about £21.5m interest will be payable this year.

Meanwhile, the club's chief executive, Rick Parry, will now be paid a bonus of £500,000 for securing the takeover deal.

The Liverpool board decided the day before the takeover was publicly announced last month to pay Parry the bonus "in recognition of his additional responsibilities" over the previous two years "particularly concerning Liverpool's search for suitable investors, and his enormous contribution and great commitment to Liverpool".

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