9 Dec 2009

INSIDE INFO - Trouble ahead for LIVERPOOL FC's summer 2010 transfer plans?

You don’t need me to remind you just how diabolical our season has become – we can all see and feel it, and our chances of finishing in the top 4 seem to diminish with each passing game. With that in mind, I recently spoke ‘off the record’ with a financier who was central in discussions when DIC and Robert Kraft where looking to buy the club, and also when Hicks and Gillett took over.

Before I carry on, I must just say that I absolutely can’t reveal this person's identity, as they would be in some very serious trouble due to confidentiality agreements.

I should also say they are no longer involved with the club but do keep an eye on what is going on and have conversations with people close to those at the very top. This contact is also someone I respect and wish to protect.

Enough said, back to the nitty gritty.

In short, regarding Liverpool FC, my contact is a worried man (aren’t we all), but for a different reason to most of us; he is worried about our struggles off the pitch.

He confirmed to me that Tom Hicks and George Gillett's financial model is - or until very recently, was - based on Liverpool qualifying for the Champions League every season.

Without qualification this season, he believes things ‘do not look pretty’ for our summer transfer activity.

Far from us not signing any top class players or even having a net spend of zero, he believes it is possible that Rafa will be instructed to make a profit in the transfer window by as much as £10-£15m.

My source wanted to also leave me with some positive news though and that seemed to centre on two areas:

1. The club is working hard behind the scenes to secure new investment with the twin goals of building the new stadium and reducing debt level.*

2. We will also see further commercial success in the future (as we've already seen with the Standard Chartered/Carlsberg deals recently).

Maybe we can actually still finish in the top 4, but looking at recent evidence, I won’t hold my breath. We may have to rely on one of my contact’s points for hope.

* Note from JK: As revealed in our Exclusive from last month, according to my source at the club, the current debt level is around the 200m mark, with interest payments down to less than 20m per year..

Alex Miller

Alex has been a financial journalist for 10 years and has written about Liverpool FC's finances for 'The Sunday Express'. In 2008, he was the IFA's Financial Reporter of the Year.


75 comments:

  1. While I understand you cant reveal your source, but it sounds like a bit of scaremongering to me (sorry). I would be surprised if the banks allowed to re-finance the debt without ensuring that there is enough headroom to miss CL qualification once.

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  2. too much football to be played to think about a non top 4 finish...things can only get better on the pitch

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  3. Sounds like more shit stirring from the master that is Tamwar Masood.

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  4. With respect, it's not scremongering at all.  There are always going to be financial consequences for not qualifying for the CL.  As such, it would not be unreasonable (IMO) to expect the shortfall in cash to be made up from sales. 

    Basically, Benitez must get Liverpool into next season's CL.

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  5. Alex is merely passing on information from a reputable source.  Fans have a right to know everything and anything going on with the club.  They can then make up their own minds.

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  6. This blog is probably the worst on the net about Liverpool football Club. Pure tripe day after day.

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  7. I agree - I don't think non-qualification for the CL is a realistic possible. The team is too good for that.

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  8. Moderating comments now Tamwar? Tut tut.

    As for your colleague's "source", is that a fancy way of saying "we thought this bullshit up of our own accord".

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  9. AHHH! the 'secret source' what a crock of shit.  Your so called secret source has revealed nothing that any well informed fan knows already if we don't finish in the top 4 we will be in a financial mire.

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  10. Alex very interesting article I hope that the outcome will not be as difficult as your contact has predicted. I always thought that the correct financial model for any football club should be based on playing 38 league games, 1 League Cup game and 1 FA Cup game obviously lower league clubs have other minor competions to take into consideration, as do the bigger clubs with europe but those games can and should be factored in when qualification is assured. A bit the same way as pounds for points in the CL every club playing in europe should base the model on scoring no points. Then the CL monies and Premier League position money should be treated as a bonus rather than something we or they should rely on. It would appear from the latest quotes from Mr Purslow regarding this matter " exit from champions league and failure to qualify for next seasons champions league will not affect the clubs financial position" The new CEO seems like a decent appointment so is he telling terminological inexactitudes on behalf of the Owners.
    Do your contacts have any further inside knowledge with regards to a possible sale of the club we had a flurry of reports about Gillet and someone in the middle east and then it all went quiet
    Thanks

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  11. to solve this problem ,club has to get rid of Tom Hicks , George Gillett and in front of them Rafa and hope that will happen before sunday ,,,,,,

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  12. I disagree. At times I ask myself how many Liverpool attackers other than Gerrard and Torres would get into the top end of Tottenham or Man City's squads let alone side. I look at the squad with Gerrard and Torres and I can't see any goals or creativity. The lack of chances against Blackburn is a prime example of this. I'm afraid to say that we're in trouble and although the blame doesn't rest squarely at Benitez's door (he has been hamstrung with infighting, a lack of finance and the inheritance of a poor squad) but there have been many missed opportunities such as missing out on Michael Owen, too many mid-range bflops at the expense of decent youth team prospects, misuse of various players and overly cautious and control approach to what is a quick, powerful league.

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  13. Maybe it'll help but it won't get over the fact we'll still be in debt and still need to borrow a load of cash in the future to purchase players or build a stadium!

    We have this debt because we needed to spend 15-25m on players like Torres, Masch, Johnson, Aquilani etc... plus secure Torres, Reina, Gerrard etc... on long term deals.

    Money doesn't grow on trees, and considering the current financial goings on both home and abroad (including in the UAE) it is unlikely a sugar-daddy type owner is going to buy the club.

    LFC is a business and should be run like one, I'd rather spend less (incurring some managable debt) than be some sugar daddies play thing.

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  14. "Fans have a right to know everything and anything going on with the club.  They can then make up their own minds."

    Presumeably this includes deciding that this article does "sounds like a bit of scaremongering"

    Thanks for the efforts in writing the article, but it's nothing new, and I very much doubt the Manager would be told to make a profit of £10-£15 million in the transfer market.  What is the sense of missing out on CL income, then further damaging your business by selling off the assets that might ensure that you do not continue to miss out on that income in future?????

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  15. Rafa had a net spend of £0.00 in the transfer Window just gone, which is half the reason we're in this mess in the first place.  The owners, have dug this hole themsleves (and us).  Hopefully they will be forced into selling up to Owners that actually have some money to invest into the team.

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  16. My own insider at the club tells me we have loads of money to spend and will be buying Silva and Villa from Valencia.


    Of course, I can't reveal who the insider is, or offer any proof that what he's said it true, but then neither can Alex as regards this article ;)

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  17. Interesting article and a personal obsession of mine, as you probably know. Perfectly feasible that the business model incorporated CL qualification every year at the outset. Especially given our performances when they bought the club and the weaker state of the Premier League at the time.

    It probably requires some serious reflection now though unless they are exhausting investment possibilities first. I believe we will qualify this year but without some investment in the squad ( as suggested here http://bit.ly/5NvOMT - The owners must invest now) we will struggle as the premier league gets stronger. I'm dying to see some commitment from H&G!

    Interesting times! But don't write us off this season yet. Players coming back fir, after a couple of games to gel again, will make the difference.

    YNWA

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  18. Football has gotten far too big for it's boots. It will eat itself very, very soon.

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  19. My comment is the one that starts off with Alex a very interesting article. I dont necessarliy agree that the club need to get rid of Hicks Gillet and Rafa. I would like a bit more transparacy with regards to the financial dealings etc but there is no point in change if we cant improve. We could end up with a portsmouth type owner who hasnt got the money and we could be worse off. Same as Rafa its ok for people to want change but nobody comes up with viable alternatives.
    Worrying times indeed.
    I agree with JK that the team is good enough to get into the CL places but it needs to start doing it on the pitch also there is a tremendous amount of competition this year for that 4th spot

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  20. lets hope and pray tom & jerry sell us soon. because its going to be a battle to finish in the top 4. we have little or no chance. thank you mr moores. enjoy yor extrs 8 mill. was 8mill what lfc was worth to you

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  21. I also think that the current debt of the club and the running cost including transfers are completly unrelated to the stadium issue. For the stadium depending on whose numbers you use we need to borrow £350m as a commercial loan, ringfenced, secured on the new stadium and paid back over a number of years this would be achievable due to increased commercial activities,greater ground capacity and a large chunk (175-225m) from a commercial sponser in stadium naming rights. I sure when the economic situation improves the stadium will proceed.

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  22. We're 4 points off 3rd place and we haven't even got to Christmas, behave will you.

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  23. to be honest i think Villa, Spurs and City have blown their chance, this has been our worst run of form for twenty years, City are one point ahead, Villa Two, Spurs three. they should be 8, 9 or 10 ahead but they're not. Because simply they're not that good. Liverpool will not play this badly all season long, if Torres gets a run of games together they have no chance of beating us to top four. without torres i think we are in trouble

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  24. I for one would not like to have a squealer/grass being privy to sensitive financial data regardng the club. If said person is blabbing to a journo who knows what else he/she is up to, putting compromising the clubs negotiating postion. the lekaed info is nothing new; of course we're trouble for not reaching the knockout CL stage, and of course the club is working hard to get new dosh. Any numpty could have figured this out.

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  25. i have a source at the club who told me they have successfully cloned Gerrard. this is to be kept secret and they will be rotated on a regular basis. when one is in the team, the other will be at home in bed with the missus (exept a three way at christmas). i cannot reveal my source, i am in danger as it is writing on this page

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  26. Is this news? Awful article. Tomorrow, Liverpool play in red shock.

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  27. Maybe the bloody players should get us into the CL Jaimie!!!!

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  28. to be fair you don;t have to be a financial genius to work out that failure to qualify for the champions leage will have an impact on the clubs finances and therfore Rafas budget...most fans in the world are intelligent enough to do the math on that one!

    I'm actually getting more concerened about the attitude of the fans..I agree it hasn't been the best start to the season but there is far too much negativity about.

    Chelsea aside the league is not as strong as in previous years..utd don;t look too strong and all the so called top 4 challengers such as Spurs, City and Villa have not exactly looked like consitency is going to to be a strong point.

    Clearly the season isn;t going to plan but I expect us to finish in the top 4 quite comfortably and if we can put a strong 10 game run together over the course of the season then I expect us to finish 3rd or even 2nd.

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  29. Nothing new really.... the normal scare monging! I would be more worried if we weren't going to finish 4th! ;)

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  30. Sorry - my post was not clear. I didnt intend to suggest that Alex is scaremongering but the source themselves (in fact, it is great that Alex is willing to share that information).

    From the article, this is a person who is (a) not employed by the club and (b) was involved in supporting DIC in the transaction. If that is the case, then he would have limited financial details and so a lot of opinion would be an educated guess. I work in Finance and if someone asked me, I would say exactly the same thing and I dont have access to any insider information. Given that he/she was involved previously would give them more perceived credibility.

    And like I said earlier, I would be surprised if the banks would have allowed the company to refinance the debt without testing the financial viability of the company without CL qualification.

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  31. <span><span><span> </span>the current debt level is around the 200m mark, with interest payments down to less than 20m per year.</span>.</span>

    The mancs are closer to 480 Million in debt if sources are correct.....so why are we suddenly looking like were in trouble after we secured the most profiltable shirt sponsorship in the game?

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  32. Given that we will make an extra 13M from Standard Chartered deal next year and more money from other commercial deals....ally that to the fact that the wage bill will be a lot lower if teh team do not make the champions league I fail to see how we will require a 10 - 15M player sales number. Thats (conservatively) a 30M difference from this year alone....

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  33. Oh. One more point. As for your statement about fans having a right to know everything and anything going on with the club. Sorry - that is not true. We are just "customers" who happen to have a high degree of passion on the "product", which is LFC. We have no right than, say, an avid Tesco shopper has on understand the inner workings of Tesco Plc.

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  34. Right, so Alex is telling us that a source 'he trusts' was told by someone that his source trusts....

    So now I can tell people that I have insider information because I have been told by someone who was told by someone not connected with the club who was told by someone who is connected with the club....

    And then, to cap it all we are supposed to trust these sources of sources but those sources of sources are in fear of being found out for breaking confidentiality agreements (legal contracts!) by breaking confidentiality agreements.

    If the club can't trust people who it has legitimately signed a legal agreement with to keep that same agreement, why should we trust that those people are trustworthy?

    Keeping up? Nah, wouldn't bother. Let's face it, the down-the-line-insider could be the boyfriend of the daughter of the reserve team's tea lady for all we know!

    Speculation at best!

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  35. <span>What a joke, you say you have inside information but you also say they are no longer involved with the club. So its made up then.
    </span>

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  36. Far too early to start predicting a fall from the top four. Have faith; the team is not that different from last year and look at the run we had at the tail-end of last season. Also, contrary to your ongoing barrage of criticism, Benitez has not suddenly become a bad manager - injuries have been our biggest problem (although I accept that is not an excuse) as there are absolutely other "issues". Now....I'm a natural optimist and I think our current woes will make Messrs Hicks and Gillet finally realise that they haven't bought guaranteed success and that the only way to strive for ongoing success is by constantly reinvesting in the team. My point is that they may just realise that the only way for them to achieve the ROI they want is, ironically, to spend more. In business-speak, sometimes things have to get worse before they get better. If the new investment comes in and it is allocated for growth (not debt reduction) AND we finish in the top four, then it's time to look to the future with a bit more confidence. Too many doomsayers around for my liking!

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  37. just to get rid of the current owners would be brilliant, we do not need a suger dady, just owners who want to buy better players and not con the fans with lies and such like, im not asking for us to be a man city where we are going after kaka and this and that player every week, just a better standard of player, quicker in the market and building the new ground which was and should have started by now, no lies. players like simao, alves, silva, villa have not always cost 30 mill, its because we have always lost out for acting to slow and not letting rafa his first choice when at the best time to do so. liverpool have been slow in the market for years now, it has to change then you dont always have to pay over the top money, rafa has lost out on so many good players, even english players when young went to villa for a small fee of 9 mill we couldnt compete? vidic to utd he was only 7 mill, now this isnt billions we are needing but just all round better investement, if i could kill these two pricks, god help me..

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  38. Yet again Jamie another negative on Liverpool, dont you get bored?

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  39. I don't think it's quite as bad as it was last year when we were closer to 300million quid in the hole.  Does anyone really think 'Spurs or Villa will finish in the top four ahead of us?  I realize Mancity is a threat, but how will they react come the business end of the season?  Will their hired guns get them into the top four or will they fold like a house of cards?  Only time will tell, but I don't think we are in trouble yet when it comes to qualification for the Champions League.  

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  40. <span><span><span>No need to kill these two and the Yankees have to kill someone that brought them here.
    </span><span>Yes it's him, that's who should subside, Rick Parry.
    </span><span>It is this fool has put the club in the hands of the Yankees and miss almost finished a deal with DIC.</span></span><span>
    </span></span>

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  41. I'm not sure you actually understand how a business is run.

    Gillett and Hicks are very unlikely to have a direct impact on the speed of transfers, that will be down to the Chief Executive.

    You are listing examples of our slow transfer approach which took place before G&H even arrived? Although I agree with the fact that we haven't always acted quickly enough in bringing in certain players if you're to believe what is written in the press.

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  42. Team news

    cavalieri. darby.skrytel,agger,insua,benayoun,mascherano,aquilani,gerrard,
    ngog, dossena.

    why are masch and gerrard playing in a nothing game?

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  43. Now this atricle is very clever. Alex says nothing that has not been PREVIOUSLY reported on web articles for the past few weeks/months and wants us to believe it all by having this respectable but UNAMED person as source . Hardly think so.....

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  44. gerrard is still getting back to full fitness, if we don't play masch we will get slaughterd.

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  45. i have a source who tells me tht lucas is actually benitez's lovechild...

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  46. How is any of this inside info? It's been all over the press for months. In fact anyone who has done a bit of adding up knows we've made a transfer profit since the January 2009 of around 15m, which if you add on what we'd normally spent net in a summer (15-20m) leaves us at a shortfall of 30-35m on transfer spend.

    And the 200m debt isn;t the club's debt - let's not forget it's the owners using the fans to pay off the cost of them buying the club. We're not seeing any benefit from that debt, in fact it's the opposite as you can see from the drastic hole in our transfer finances already.

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  47. No it hasn't been all over the press for months.  Stop making false generalisations.  If you're correct, post links to articles that state what is being stated here.  Please post a link to an article that confirms that H+G's financial plan involves qualification for the CL every year, or that benbitez may have to recupe 15m in the summer if we don't qualify for next year's tournament.

    This isn't groundbreaking stuff - that's not the point; it's just getting clairification/confirmation on certain things from a reputable source.

    And if you want to counter that source, then do so with credible evidence, not generalisations.

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  48. Blindside - please post links to articles and highlight specific lines of text to illustrate that what is being said here has been 'previously reported on the web'.

    You seem so emphatic on the subject so it should be easy for you to find the relevant evidence.

    Thanks.

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  49. Now *that* I can believe ;-)

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  50. Personally i think benitez is playing his strongest 3 in the centre and wants to give them this game to try and gel, maybe for arsenal on sunday!

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  51. haha bindippin SCUM

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  52. Christian Purslow said that we would have fresh investmet in 3 to 6 monhts. at the moment him and Rafa are the only 2 people i trust at the minute. so what do you think will happen now?

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  53. Exactly.  Purslow's statement about new investment ties in with what Alex's source said, and also ties in with what my source at the club says, namely that they are hard at work behind the scenes trying to tie up new investment for the club, and the top priority for the owners is the funding of a new stadium.

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  54. You are really optimistic, eh. The way we play we should be very worried about a few more teams. We may not even qualify for next years Europa League. Everton outplayed us and we were very lucky to get all three points and Blackburn really should have beaten us and these are only two examples, two which don't compare to Spurs, Villa or Man City who are completely different kind of animals. In our current state we are there for the taking for most of the teams. We scare no-one.

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  55. If I was a player at Liverpool, I would ask my manager how he thinks we could win a game if he starts with five defenders, five midfielders and zero striker AT HOME. Now, please tell me that Kuyt is a striker (lmao).

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  56. Too good for that, on paper maybe, but what matters is on the pitch. There we are hardly good enough to beat the likes of Debrecen. If we continue playing like we did so far this season (apart from maybe two games), we can count ourselves luck to finish in the top ten.

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  57. Ofcoarce Lucas is Benites's Love child... He would of got rid of him ages ago if it was'nt the case.

    Second VERY big mistake was to miss out on Michael Owen !!!!!!

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  58. Damn Straight!
    It would be business stupidity 101 to run your finance' from CL qualification!!! imo, LFC hasnt been operating as the club it is for some time now and that HAS SPILLED ONTO THE FIELD. i am so gutted, if it was just a bad run i wouldnt care, but a lot of aspects are all so wrong behind the sceens. makes me very sad and extremely worried. im sure the squad will pick up performances and scrape 4th spot, but were right back to where we were when houl left, but i cant see us winning the CL next year!!!

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  59. you have forgotten what it means to support our great club no matter what happens, lets leave the inquest til the end of the season or are you purposely knocking the confidence of the team?

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  60. A team operating with Lucas at centre midfield alongside another defensive midfielder, with Benayoun and Kuyt on the wings' doesn't sound too good to miss out on a Top 4 place to me...

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  61. A team with Lucas at centre midfield alongside another defensive midfielder, with Benayoun and Kuyt on the wings' doesn't sound like it'd be too good to miss out on a Top 4 place to me...

    imo we will still finish in the Top 4 somehow - in part due to the underperformance of those teams competing for a Top 4 place with us, and partly because the team has a history of stringing together championship worthy runs of form when the title is already out of reach (how often do we have to hear how our run from December to May is best in the league etc. but still end up far short of the Champions??)

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  62. dede - it would be amusing if it wasn't so sad, the manner in which Rafa apologists deflect attention for anything (negative) that happens at the club to the American's.
    I suppose if they had left in September, even after the transfer window had alread closed, Rafa would have the team comfortably through to the next round of the CL and at least 6 points clear at the top of the league? 
    Now if only we could stop them meddling with the player's heads, team selection, tactics and whatever else they're supposed to be doing to  hamper Rafa's efforts...

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  63. regarding to "Benitez' abilities as a manager". The fact is that he only buys defensivly orientated players. he's had 5 years to shape his team (the limited transfer money availeble is no excuse at all, cuz he bought for a heavy sum over the year.) he simply hasn't made the right choises. He has never played for the win, only played for not loosing. He's so causious when he makes his lineup that there aren't any place for creative freedom. Thats why he can't give us the PL. His tactics only fit for cupruns not consistantly winning as needed for the PL title. I don't love the owners, but I rather keep them than Benitez!!!

    Casper

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  64. Thanks for your comments.

    With regards to financial models, it is my understanding that we budget for the group stage of the Champions League each season - but not beyond. Failure to qualify for the CL next season will have a big effect on our transfer plans. Purslow I believe said that being knocked out of this season's CL now won't affect plans, don't think he mentioned next year's qualification to CL though.

    Re takeover, my contact has no specifics I'm sorry to say. They do still believe a deal will be done during this season, but what is putting off would-be investors is the price for the level of equity, the debt levels, the fact they would only be minority shareholders and the fact there would then be 3 partners - you see how hard it is dealing with 2 partners, in terms of harmony and decision-making. My take on it is that potential investors are playing hard-ball and are being happy to wait in order to get the price down... 

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  65. cash to pay off your debts perhaps?? Alex

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  66. Let's swap sources - yours sounds much more fun :)  Alex

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  67. Blindside - I am only passing on what I heard. I don't have to share the news. I must just say also that any journalist will tell you they protect their sources at all costs, especially if the info we receive is senstive, but you want to hear more from them another day. I could reveal their name now and they would never speak with me again and get into a heap of trouble - not smart... think about what you are saying. Alex

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  68. Alex,

    I don't know what information your 'insder' has, but if he/she was involved in the DIC group, it seems their information is outdated.

    In the discussion around G&H, you seemed to argue that all was well with Kop Holdings and that it wasn't their fault that the financial crisis happened during their watch.

    I point you to this thread on the LFCNY message board, where I attach the presentation Rothschilds & ML are circulating around in searching for new investment and discuss some of the implications of the investment letter.

    http://www.lfcny.org/forums/showpost.php?p=58786&postcount=576

    From the club/club owner's own representatives, we can see the amount of debt in July 2009 was significantly higher than the £200mm you quote (£299.3mm, p.19).  This also ignores the debt put onto the club itself (£54mm).

    The new financing is being pitched as a £50mm equity investment (£5mm of which, will go to Rotschild & ML) and a £50mm PIK investment, which will accrete at a 15% cumulative IRR.  The fact they are offering this, suggests cheaper avenues of funding are not available.  This is a highly levered, highly dangerous funding model.

    To the point of the article, their business model is indeed predicated on achieving the CL group stage every year.

    Very worrisome, indeed.

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  69. <span><span><span>

    There's no way <span><span><span>Jaimie Kanwar</span> is a Liverpool fan.</span></span>
    <span><span>Read a few of his articles, and always stirring things up about Liverpool.</span></span>
    <span><span></span></span> 
    <span><span>I'll bet, similar to the phone ins, he's either an Everton or man u fan.</span></span>
    <span><span></span></span>
    <span><span>By the way, does anyone know who that toss pot from the Man u Daily Mirror supports,  David Madock.?</span></span>
    </span></span></span>

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  70. Would it be possible for a Russia /Kuwaiti / Liverpudding Billionaire to grant an interest free loan of GBP 50 million to Liverpool FC Limited (or whatever the Company is called) that can be repaid over 20 years?

    GBP 50 million.... is what would be required to buy a player that ticks these boxes:

    1) Can fit into attacking side of the 4-2-3-1 formation i.e. any postion along the 3 and also upfront if needed?   
    2) Is young i.e. under 24
    3) Can play with both feet
    4) Been on record as a liverpool follower
    5) Has team mates already at the club that can speak his lingo
    5) Is as hard working as the dogged Kuyt
    6) Has the finishing ability of Torres
    7) Has the agility of benayoun
    8) Has a low centre of gravity like the best creative players - rooney, Daglish, Arshavin, Iniesta. 
    9) Has shown at Anfield and stamford bridge that he can terrorise english defences.
    10) Has ability to score 20+ goals a season

    AUGERO AUGERO AGERO! Whichever PL club buys this guy and they will given the state of Athletico will buy the catalyst for PL domination.

    Kanwar your comments please?

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  71. I think we are in danger of not reaching the top 4 this season which would have terrible implications on and off the pitch. To the fans who think we are better than Spurs and Man City - In previous years yes but this season we aren't based on our current form. We at times look distinctly average - some of the players are just not good enough and I think it's going to be a long hard season.

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  72. why was my comment deleted?? - I wasn't slagging anybody off

    Liverpool FC SHOULD be above begging for handouts from rich benefactors, particularly given the criticisms that were slung out about "Chelski" buying the league etc, but unfortunately that is the state in which the once glorious club now finds itself.

    And I don't think that it is out of order to state that those fans who initially demanded that the club be sold on, now deserve no more than what they are getting from the Americans.

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  73. it's a crying shame that fans started making LFC look like a whore begging for donations from any rich benefactor willing to pay for her services.  Especially after the vocal attitude that those same hypocritcal fans had towards 'Chelski' when Abramovich came in. 
     
    IMHO all of you fans who were so adamant that LFC needs to be sold on to the highest bidder in order to appease Rafa's demands, have got no less than you deserved with the Americans that eventually came in...

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  74. No reply from Jamie Kanwar to this question.?
    Strange.............

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  75. Hardly a scoop.  Anyone that doesn't realise this has been living under a stone.  There's been no overall spend, the last 2 years, so finishing outside the top 4, things will naturally get worse.

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