"We are acutely aware of the challenge of winning the fans' confidence," a Liverpool source said yesterday. "Nobody here is making light of that for a minute. It is now up to the owners whether they take on board those concerns."
There has been no acrimony between the club's Liverpool hierarchy and the owners over the loading of debt on to the Americans' new holding company, called Kop Investment, rather than on to the club.
"It was not what they envisaged, but they accepted the point [that the club should not take the entire debt]," said the source. But it took the intervention of chief executive Rick Parry, who in December faced the prospect of the Americans loading the entire £350m debt on to Anfield, to ensure the structure was forced through.
The loading of costs incurred in buying the club, plus the fees and interest which are understood to come to a staggering £50m alone, on to Hicks and Gillett mean that only £105m of debt, comprising £60m for the club's new stadium project and £45m for working capital to finance the purchase of players, will be Liverpool's. That is a perfectly acceptable arrangement, the club taking on costs relating to it own development rather than those generated by the Americans' leveraged buyout in February last year. The terms of the agreement are also expected to see Hicks and Gillett putting in around £40m, supported by personal guarantees and letters of credit. This debt would be paid off personally by Hicks and Gillett with the club paying the pair dividends each year.
