Wednesday, January 7, 2009

Owership Saga - Extended deal for Liverpool FC owners

TOM HICKS and George Gillett are understood to have exercised their option to delay repayment of the £350m debt they have built up since buying Liverpool.

Under the terms of their loan agreement with the Royal Bank of Scotland, the Reds American owners could opt between refinancing the debt, paying back the loan this January or extending it for a further six months.

The ECHO understands the automatic repayment delay option was always likely to be triggered and Hicks and Gillett did so as soon as the opportunity became available under the terms of their contract with the RBS on January 1.

The development means the loan will now not mature until July 24, at which point no further extensions are likely to be available.

Neither Hicks nor Gillett were available for comment with the duo having adopted a much lower profile in recent months at a time when Liverpool’s fortunes on the pitch have flourished.

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