Debt, Doubt Surround Liverpool's Future

Those of you Liverpool fans who wanted American owners George Gillett and Tom Hicks out of the way may get your wish after all.

Following months of speculation about whether either Gillett, Hicks or both would sell their shares of Liverpool, it turns out the recession may get the both in the end. Reports are flying fast out of England that there may not be a bank who will pick up a refinancing on the loans the Americans took out to buy the club. Gillett and Hicks have until January to pay back 350 million pounds in debt; their loans run out in January and the credit crunch is making a refinance unlikely.

In fact, Keith Harris, chairman of Seymour Pierce investment bank and a former Football League chairman, said Liverpool could be headed for a financial meltdown and that star players such as Fernando Torres and Ryan Babel may have to be sold to pare down the club's debt. And forget about beefing up the side for a title run during the January transfer window; that's been slammed shut and it's not even December 1 yet.

Stunning news. One has to wonder whether DIC or some other oil-rich investor will take a shot at buying the club now. Harris, meanwhile, says Liverpool is not alone. He's trying to find takers for Newcastle and Everton, without much luck. Harris is the man who brokered Roman Abramovich's purchase of Chelsea, and Manchester City's recent sale. The man is connected.

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