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.