Date: 11th April 2010 at 11:47am
Written by:

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7094313.ece

The highlights:

Barclays refinances and consolidates our debt by replacing our current lenders.

Martin Broughton, chairman of British Airways, is appointed Chairman. Essentially he will add a third voice to resolve the 1-1 deadlock between our owners. He was appointed at the behest of the bank to keep us moving forward until a buy can be found.

Barclays Capital has been brought on to find that buyer.

Transfer funds will be made available to maintain the playing staff until a sale is made.

Sources at the bank value Liverpool at approximately 500 million pounds, but it seems they have been impressed with the work of Purslow increasing our turnover. Apparently they believe our value could rocket up as we continue improving the commercial side of the club.

The summary:

All in all, this seems a good deal to me. Basically we’ve put all our debt in one basket with a more reasonable interest situation that severely reducing the risk of us “pulling a Leeds”. It promotes the inevitability of our owners getting out, which is something we’d all like to see. It also gives Rafa some much needed financial support. It seems Barclays is confident that we can boost our financial profile to that of a Manchester United. No, not a debt ridden monster, rather a cash-generating one. Regardless of Manure’s current situation, no one can deny that they are incredibly wealthy for a football club.

Today perhaps we finally start heading in the right direction again.

YNWA