Liverpool news

Barclays bank set to rescue Liverpool?

April 11, 2010
By Soccernet staff

Liverpool could be given a financial lifeline as Barclays may be set to back a £300 million refinancing deal at the club, according to a report in the Sunday Times.

With Rafa Benitez keen to have more funds available for the summer transfer window, Liverpool are reportedly finalising a deal with the bank that will see it replace the club's current lenders and install British Airways chairman Martin Broughton as chairman.

Current owners American businessmen Tom Hicks and George Gillett have outstanding loans of £237 million and the lenders (Royal Bank of Scotland and Wachovia) have demanded £100 million by July.

The report said Barclays, the main sponsor of the Premier League, will replace RBS and Wachovia and that Broughton would be tasked with supervising the deal and finding new investment for the club.

"Broughton is the kind of international business figure who will be able to bring in the standard of bidders Liverpool should attract," one source told the paper.

Barclays and a spokesman for Liverpool's owners declined to comment.