Liverpool Fans Revise Buy-out Bid

In the midst of Liverpool’s owners trying to refinance their £350m debt, supporters groups Spirit of Shankly and ShareLiverpoolFC have unveiled a new, joint proposal to buy the club.

With the general consensus of fans being unhappy with the financial structure of the club following the takeover by Americans George Gillett and Tom Hicks, the supporters groups have proposed to reduce the original ‘member-share’ price from £5,000 to £500.

The supporters’ groups first proposed a takeover – the model of which is based upon that operated by Barcelona, Real Madrid and other European clubs – early this year.

Initially they had hoped to raise £500m from 100,000 fans, which would each pay a £5,000 ‘entry fee’. The most recent revision has proposed a reduction in price.

Suppoerts hope to acquire a 60% stake in the club by raising £150m while seeking a commercial partner to invest £100m for a 40% stake.

This revision follows a rocky month for the current Liverpool owners, during which the parent company of the club, also owned by Hicks and Gillett, lost £42.6m in the year to August 2008. On top of that, the owners received criticism after their hefty expense accounts were revealed to the public.

Now, with Hicks and Gillett swamped in massive debt and negative publicity, supporters have thrown their hat in the ring once more in an effort to overtake the club.