Anfield Online >> LFC News >> Gillett set for £80 million profit

Gillett set for £80 million profit

by Anfield Online
Last updated: Saturday, 8th March 2008 [10:06]

DIC and George Gillett are believed to have finally reached agreement last night in a deal which will see the American walk away with £40 million profit with potential to double this dependant on future LFC earnings. £80 million for 12 months of upsetting the fans - not bad work at all.

Unfortunately, DIC will only own 49% of the club, with Tom Hicks purchasing a £500,000 holding from Gillette, giving him 51% of the club, which will effectively make him the club’s owner and power-broker.

DIC will agree to take on the £350 million debt that was saddled on to the club by the Yanks only week ago.

The valuation of the club is now £430 million, and DIC have effectively paid the same amount for 49% of the club as what they could have bought the entire club for 12 months ago.

Remember, not a single brick has been laid for the new stadium.

Amanda Staveley, representing DIC said:

“Subject to re-negotiation of a partnership agreement and subject to the usual stringent minority shareholder protection rights, we would be prepared to accept a 49% shareholding in Liverpool Football Club.

“We have decided this arrangement provides the best possible solution to the situation and would be in the interests of the club and their loyal fans.”

Gillett and Hicks have had a dramatic fall out. Gillett was firstly angered by Tom Hicks decision to discuss meeting with Jurgen Klinsmann, and he did not put his name on the statement announcing the controversial re-financing deal.

7 Responses

1 | Jordan

March 8th, 2008 at [10:36]

Great, we lose the decent man and are stuck with the crappy jerk. Hopefully this helps resolve the debt issue. As long as the stadium is built pronto, we’ll be alright.

2 | reikirebel

March 8th, 2008 at [12:08]

Its rash off the cuff reports such as this that ignited all the negative months ago …. my advice, dont believe other people’s opinions, when the deals done, we will get a better picture of the money changing hands, at the moment there is NO truth in this statement … why? cause it hasn’t happened yet, lets stop all this chatter and focus on supporting our team as thats our responsibility as fans!!!!!

3 | LennyB.

March 8th, 2008 at [12:47]

I can’t believe DIC have offered to buy only 49% of Gillett’s shares it still leaves the main protagonist in control with the 1% he sold Hicks,Why Mr Gillett…

4 | fanatic dee

March 9th, 2008 at [02:20]

I would say it’s a shrewd move by DIC, seats on the board are better than being an outsider looking in. They can manoeuvre Hicks out far more easily from a position of inside the club, then hopefully we can get on with moving the club forward in a proper and and respectful manner.
The stadium has to be of paramount importance, increase fan participation and also revenue to get us on a solid foundation for future triumphs

5 | paul

March 9th, 2008 at [11:26]

Ok lads its not what we wanted but its great news to have D.I.C
with us now.They will sort out the mess and get our new stadium built!!!
My words to them is
Stop fuckin about and get the foundations dug out now.
Its been about 9 years this has been goin on and some of us might not even get the chance to sit on our new seats its takin a fuckn life time !!!!!
THE MIGHTY REDS OF LFC OUR HOME TOWN TEAM

6 | lfc4life403

March 9th, 2008 at [16:33]

i reckon its long before that they buy out the other yank

7 | Scouser Dave

April 18th, 2008 at [16:47]

Send Hicks back were he belongs with the other tosers in the USA. At least Gillett is trying to give his loyalty to the club, let DIC in to be his partners. Sort of the stadium and buy David Villa to play along side Torres. Gerrard is class. Sell Kewell, played one season and has been injured since.

GO HOME HICKS, we don’t want you.