LFC / Drowning in debt and apathy
By John Christie
September 19 2010
The massive leveraged debts placed on the club by its unscrupulous owners are well documented, but as the most successful club in the history of the English game buckles under the weight of debt, when will their fans unite as one to stand against the American owners?
Merchandise has been boycotted but to no avail, the new kit is hailed a best seller. Despite fans groups gnashing of teeth and calling for immediate action the apathy of those fans who, without thought, pass money to the Americans is bewildering.
The boycotting of all cup games by thousands of fans is looked on as an opportunity to take the kids, although it’s hard to knock a Dad who never has the chance to take his kid to the match. The bickering between fans groups as to whether to boycott or not will eventually come to a head. That time is fast approaching as Hicks scampers around hedge funds desperate for more toxic loans. I find it agony to actually feel positive at the banks of empty seats at Anfield on Thursday night. To refuse to support something you have supported all your life is heart wrenching, but. This is the price we all have to pay to rid ourselves of Hicks and Gillett. This is the only medicine that will kill this cancer in our club. Only your own apathy stands in the way.
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Please, please let that be true!!
An empty stadium will only lead to more debt for the club.
If they haven't got the message yet, why should they now?
All we hear is how "terrible it is" that a club should be run on debt alone and how "the FA should do something about it" (a la Portsmouth) but it's all p*ss and wind. If they really meant it they would tighten to almost strangulation the rules on owners setting up many companies that have clubs, grounds and players as assets yet are 'ring fenced' from their debts. But that would mean not only sorting out the 'struggling' clubs but the end of finance for all but those with sugar daddies. Maybe that would be a good thing?
Until the debt gets close to H&G's valuation they will hang on for their £100m or so but with only one major playing asset (Torres) who is likely to go in January at best, no profit from the stadium and Europa League football what is there to attract a buyer?
The ONLY hope LFC have of survivng long term is that a very rich fan comes along and bails them out. Otherwise H&G will see LFC descend way beyond the point of recovery back to the 'big four' and then bail out with a minmal profit leaving the club in the hands of their creditors.