Tuesday, November 21, 2017

Liverpool not on the brink of adminitration – Purslow

SoccerNews in English Premier League 22 Sep 2010

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(GSM) – Liverpool managing director Christian Purslow insists talk about the club going into administration is nonsense, claiming that the club has backing from its own financial structure and the Premier League.

Current Reds owners Tom Hicks and George Gillett have failed in their attempt to sell the Premier League club since April.

Hicks’ arrangement to buy Gillett’s stake has also been denied after Blackstone investment group ruled themselves out of the bid.

The owners must pay off £237million owed to the Royal Bank of Scotland in mid-October but Purslow is hopeful that new owners would have arrived by them.

“The process remains underway and there are a small number of potentially interested parties working seriously and privately – doing what is called due diligence – looking at the business in detail from a financial and legal standpoint,” Purslow told the club’s official website.

“My hope is that one of those parties steps forward with a proposal to buy the club which is attractive to the board and which would be good for the club.

“I must say that the single most important aspect of the possible sale of the club – and I consider it the most important thing I will ever do in my business career – is to make sure that if we’re going to sell the club we get the sale right. The only thing worse than no sale is the wrong sale.

“Do I know whether any of those parties are going to get over the finishing line? No. Can I make someone write a cheque? No.

“My job is to present the club to possible investors in the best possible light because I passionately believe it’s a fantastic opportunity for investment and new ownership.”

Purslow strongly denied speculation that the Reds might fall into administration if the club does not get new administrators.

He added: “Liverpool Football Club is a very healthy business. We have cash, we are solvent, we have banking facilities which last beyond the end of next season and we are heavily scrutinised by the Premier League.

“To achieve our Uefa license we went through that process and they were very happy with what they saw – so I cannot conceive of a situation where Liverpool Football Club could go into administration.

“Liverpool Football Club is not going bust. We have an extremely healthy business with record revenues and we are highly profitable.”

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