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TSN.ca Staff
10/22/2008 10:14:25 AM
The global credit crunch has hit England's Premiership, as reports indicate that Liverpool owners Tom Hicks and George Gillett Jr. are ready to sell their stake in the club after engaging investment bank Merrill Lynch to find a buyer.
According to The Times, the Americans need to restructure their $573 million US loan with the Royal Bank of Scotland, which expires on Jan. 25.
The RBS is now under public ownership because of the credit crunch and has adopted a policy of restructuring loans only in extremely favourable conditions. While discussions with Gillett and Hicks have not yet opened, their circumstances are not believed to fall into such a category.
Both owners denied that Merrill Lynch has been engaged, but The Times reports that auditors looked at Liverpool's books last week for the purpose of finding a buyer.
Crown Prince of Dubai Sheikh Mohammed has long been rumoured to have interest in acquiring the Reds but has balked at the $900 million US price tag set by Gillett and Hicks.