Further Reports on the Tom Hicks Over-Leveraged Saga
by Jayslick on Jun 5, 2009 11:49 AM CDT
58 comments
Liverpool fans are fearing the worst following the announcement that despite a record turnover, the Anfield club's net debt has nearly doubled to £86million. Auditors have warned George Gillett and Tom Hicks that failure to refinance a £350million loan - due on July 24 - "may cast significant doubt upon the group's ability to continue as a going concern".
Anfield anquish Duo's US assets can be used to ease Reds' debt
The main reason the banks might agree to a repayment extension would be to give the US duo more time to raise money from selling other assets that they own in the US. The banks may also hope that there will soon be new investment in the club - either in the form of an outright takeover, or by someone coming in to purchase a minority share.
Final whistle for Liverpool's loans?
Lastly, here is a video from Sky Sports Reports on Hicks Finances
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I guess im crazy but i just cant see that holding his 1/2 ownership interest
in Liverpool is far greater than what the rangers and stars would be worth for him. If i were him, i would think selling liverpool would be a better idea, option than the Rangers and Stars. Especially with this economy, i would image there are some people out there in the eruo world that would be very interested and willing to pay for liverpool, much more so than Rangers/Stars.
Elvis has "shook up" Arlington!!
by thad728 on Jun 5, 2009 12:30 PM CDT reply actions 0 recs
like with the rangers which he is overvaluing by around $100M
he is overvaluing LFC by around $150M, and basically, his demands have put every suitor in a position where its in their best interest to let Hicks crash and burn and get what you want on the cheap. whether your after the rangers or LFC isnt that important.
Something else to consiider, when/if Hicks fails to refinance LFC, the English Football Assoc. puts a 10 point deduction on LFC, meaning it would be impossible to win the league and unlikely they made it to the Champions League where they made 1/2 their money last season. If they dont make Champions League, That 40M pound loss (strictly due to the loans, LFC is profitable, but Hicks inerest rates on his loans are what makes it unprofitiable for him) turns into a 70M pound loss next season. If he cant refinance, it will cost him 30M pounds in CL money next season and turn his 40M pound loss into a 70M pound loss.
july 24th. thats the day we know how over leveraged Tom Hicks truly is. The worst part is that if your Nolan Ryan or DIC or whoever wants to buy a Hicks owned club, you would be a criminal of supreme business stupidity if you actually didnt wait until this goes down to really put pressure on the price, b/c hicks still isnt realistic regarding eithers value
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 5, 2009 12:45 PM CDT up reply actions 0 recs
July 24th
I suspect if Hicks and Gillett can’t re-finance the loan by then, they’ll sell the club rather than let it go into administration.
Otherwise, there’s going to be a Red army coming after the both of them.
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 1:09 PM CDT up reply actions 0 recs
Hey now
We’ll be taking none of that crap from the likes of you! :)
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 1:29 PM CDT up reply actions 0 recs
Blue?
Chelsea or Everton?
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 4:13 PM CDT up reply actions 0 recs
OK
Wanted to make sure before unleashing this:
Fuck off, Chelsea FC
You ain’t got no history
Five European Cups, 18 Leagues
That’s what we call history!
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 4:26 PM CDT up reply actions 0 recs
I would normally point something out about rhyming history with history.
But I guess you have to consider the source this time.
by LiamP on Jun 5, 2009 4:53 PM CDT up reply actions 0 recs
It's one of our songs
And besides, I’m not taking crap about hubcap stealing from a fan of a team who up until a few years ago was more famous for their hooligans than winning anything.
Ah, football rivalry! :)
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 4:56 PM CDT up reply actions 0 recs
From the team...
…that didn’t win anything this year.
by GhettoBear04 on Jun 5, 2009 5:35 PM CDT up reply actions 0 recs
Well, it's a mock of a Chelsea song
which rhymes CFC with CFC
Carefree, wherever we may be
We are the famous CFC
And we don’t give a fuck
Whoever you may be
’Cos we are the famous CFC …
www.mavsmoneyball.com
by Wes Cox on Jun 5, 2009 5:00 PM CDT up reply actions 0 recs
Oh, and I hate chelsea.
just to be clear
I definitely plan on going to their game in Arlington this summer though.
www.mavsmoneyball.com
by Wes Cox on Jun 5, 2009 5:31 PM CDT up reply actions 0 recs
Yeah, goin with my dad.
He’s the reason I’m a Chelsea fan. He grew up with them, I just inherited it.
I’m a huge Cowboys fan and it’s still odd to me that one of my first memories of their new stadium will be for a Chelsea game. It’d be like if the Rangers played a game in College Station right now, except if College Station were another country…which, I suppose, it might as well be.
by GhettoBear04 on Jun 5, 2009 5:38 PM CDT up reply actions 0 recs
Too bad that history doesn't include a Premiership Title
Go Rovers!
Ron Washington...giving hope everywhere to the kids who eat lead paint chips of being a big league manager when they grow up since 2007.
by rangers85 on Jun 6, 2009 1:17 AM CDT up reply actions 0 recs
Blackburn
Too bad they had to hire our best player ever (King Kenny) to manage your team to that title- and four years after he left, Blackburn was relegated. :)
Then again, Liverpool hasn’t won a title since Dalglish managed them either. Good thing we’re bringing him back in the front office this summer!
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 6, 2009 8:51 AM CDT up reply actions 0 recs
WOW. Great insight.
Had no clue the Club would be docked 10 pts in their EPL play. Im a big soccer fan and follow the EPL and Champions League fairly closely (not religiously but check out the sites and info once a week or so). That would be devistating to the LFC fans if he allows that to happen. They are a good, solid club with some strong potential in the upcomming years. Would suck if Hicks ruined it for them. But hey, thats what he has done to the Rangers lately so i guess its their turn!!
Elvis has "shook up" Arlington!!
by thad728 on Jun 5, 2009 1:16 PM CDT up reply actions 0 recs
Huh?
But hey, thats what he has done to the Rangers lately
Um, the Rangers are currently in pretty much the best shape they’ve ever been in. And even though most of the decade sucked, well, that’s what Rangers baseball has always been. At worst that puts Hicks in company with all the previous owners.
by Texas_Dawg on Jun 6, 2009 9:43 PM CDT up reply actions 0 recs
he sucked for a decade till about 30 months ago
he’s saying that he fully expects LFC to suck for a decade before hicks learns the footy scene, just like he did the baseball scene. Luckily, im pretty sure Rafa would put a boot up TommyBoy’s ass and walk straight out if Hicks dicks him around like hicks dicked around the rangers for so long
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 7, 2009 11:23 AM CDT up reply actions 0 recs
Huh?
he’s saying that he fully expects LFC to suck for a decade before hicks learns the footy scene, just like he did the baseball scene.
LFC just had its best season (86 points) since the creation of the Premier League.
Luckily, im pretty sure Rafa would put a boot up TommyBoy’s ass and walk straight out if Hicks dicks him around like hicks dicked around the rangers for so long
How did Hicks “dick the Rangers around”?
by Texas_Dawg on Jun 7, 2009 11:01 PM CDT up reply actions 0 recs
How did Hicks "dick the Rangers around"?
Jan 8, 1998 Tom Hicks Buys Rangers
Rangers sign Arod to a contract that unbalances the whole clubs financial structure out of pure ego
Rangers Fire Doug Melvin (Melvin was selling the same concept to Hicks and was fired that JD sold Hicks 5+ years later)
Hart to Texas Rangers (EGS spends years not commiting to the future, lying to hicks about the teams ability to contend while the clubs farm system and scouting dept becomes a joke due lack of funding).
Rangers illegally hire Fuson and promise him the GM job after EGS. Rangers later fire Fuson for political reasons, give Orel his gig, Fire Orel.
Meanwhile Melvin begins his rebuilding process on an even more pathetic Brewers and rebuilds them faster than the rangers he originally wanted to rebuild and got fired for.
Rangers cut budget on draft picks leading to drew meyer and tom diamond picks rather than kaz and jered weaver.
Rangers hire Front Office political mingler Buck Showalter who deceives and manipulates players and front office ppl like he has at every other stop and does the exact same thing here.
Oct 5, 2005 Rangers Hire JD
as i count it, thats 7 years of never keeping the same long term plan for success and that directly led to the floundering of the team for most of that time.
LFC just had its best season (86 points) since the creation of the Premier League.
and tom hicks had absolutely nothing to do with it whatsoever. every dime that has been spent on any players acquired has been money the team earned from results on the pitch, he hasnt invested a penny in the club, and in spite of the fact that the club is and was profitable before hicks bought it, he has somehow taken out a loan in pounds when the dollar was the weakest it had been to the pound in 30+ years, making the loan totally one of his stupidest business decisions in my lifetime, and his ownership of the club unsustainable unless they win the CL every season till 2016 or something.
whats your damn point?
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 12:47 AM CDT up reply actions 0 recs
Thank God
the Rangers fired Doug Melvin.
His farm system that he was in charge of through the mid and late 90s was one of the biggest reasons we sucked in the ’00s.
Once Doug Melvin’s inherited talent plays out in Milwaukee, I’m sure they will suck too.
"He (Padilla) shouldve gone back to Venezuela and watched on his Direct TV waiting to find out who his new team would be!!. ." - crops.mlblogs.com
by DJCahill on Jun 8, 2009 7:32 AM CDT up reply actions 0 recs
doug melvin
over rated.
Scout: He was a first-round pick right? Got a huge bonus?
KG: Oh yeah.
Scout: Well, he spent a lot of it on milkshakes.
-
Scout to KG: On Sandoval: "Man, that fat [expletive]-er can hit."
by knockoutking on Jun 8, 2009 10:23 AM CDT up reply actions 0 recs
Yep
I'm Matt mutha-effing Bush, bitches, and mutha-eff East County.
"I'm as passionate and knowlegeable as any fan out there." Josey Wales
by Brian Thomas on Jun 8, 2009 7:35 PM CDT up reply actions 0 recs
my point is
melvin got fired b/c he wanted to do the exact same thing as JD has done, and Hicks didnt want to hear about a ground up rebuild, he wanted some1 who would tell him we have a good team and all we needed was to spend 50M on this guy and 20M on this guy and wed be good. of course that was all a big lie that did nothing but cost hicks $100M+ and scare his wallet shut, leading to a bottom up rebuild only it took an extra 6 years.
the discussion on Melvin’s merits as a GM who can pull it off arent really the point as much as the fact that Melvin had a plan similar to JD and it got him fired. all the while in between, the rangers floundered in mediocrity with no long term plan for success, until hicks finally bought into a longterm plan 5+ seasons later.
the puzzle pieces arent as important as the big picture
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 11:43 AM CDT up reply actions 0 recs
Personally, I had no faith
in Melvin executing that plan, based on his 7 years of drafts.
I think this team is way ahead of the game having JD instead of Melvin. Melvin talked about the minor league system, while JD has actually built one.
"He (Padilla) shouldve gone back to Venezuela and watched on his Direct TV waiting to find out who his new team would be!!. ." - crops.mlblogs.com
by DJCahill on Jun 8, 2009 12:48 PM CDT up reply actions 0 recs
oh i agree that melvin doesnt make the grade when i own my MLB team
but my point wasnt the guy as much as he was fired for the same plan which 6+ years later hicks bought into and tex dawg is selling hicks like he’s a greek god.
he’s owned the team for 11 season and we sucked for 3/4 of that and most of the time with no long term plan whatsoever other than to plug in todd van effin popple or sign juan gone for a last hurrah.
i could give a shit about melvin, honestly. that wasnt my point.
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 1:02 PM CDT up reply actions 0 recs
im suprised THIS
he has somehow taken out a loan in pounds when the dollar was the weakest it had been to the pound in 30+ years, making the loan totally one of his stupidest business decisions in my lifetime
hasnt gotten more press
Scout: He was a first-round pick right? Got a huge bonus?
KG: Oh yeah.
Scout: Well, he spent a lot of it on milkshakes.
-
Scout to KG: On Sandoval: "Man, that fat [expletive]-er can hit."
by knockoutking on Jun 8, 2009 10:20 AM CDT up reply actions 0 recs
Ha.
july 24th. thats the day we know how over leveraged Tom Hicks truly is.
Just as about 20 different dates have supposedly been that over the past 18 months.
The LFC fan hysterics are pretty funny, but for all the drama, nothing has changed about Hicks/Gillett’s ownership of the team.
And Hicks didn’t sell not because he was overvaluing the team. He didn’t sell simply because he wanted to own the team.
by Texas_Dawg on Jun 6, 2009 9:42 PM CDT up reply actions 0 recs
there is a set date, its been extended 6 months from the original Jan. 24th date
but it will not be extended again. period. its the day kop holding must payoff the RBS loan, if the loan isnt paid off, the English FA will deduct 10 points from LFC for the following season. Its pretty black and white at this point.
TD, the thing you must understand in the Premiership and footy on the global scene is that the owners around hicks are so rich they make him look like he made his money running a lemonade stand. Guys are Russian Oil Oligarchs, Abu Dabi princes, guys with so much money they wipe their ass with it. Tom Hicks may not be flat broke, he may even have some sustainability, but he’s f’n broke when it comes to competing with these guys. He’s the big fish from his fish tank who was just put in the Pacific Ocean, and the bigger fish are circling looking for their next meal.
If the point decuction occurs, hicks cant afford to sustain the club without the earning from CL, and unlike in the states, if you dont pay your bills and default like he has in NHL and MLB (who took no action), the prem league will go out of its way to run your team out of it, 10 point deduction, eventual receivership where you dont control who is sold and ever asset is sold until your books are balanced. The shit gets crazy b/c the league and associations there arent built on the basis of protecting the owners and clubs like they do here.
The only thing going for LFC right now is that the loans are to Kop Holdings not LFC, so hicks cant just stick the loans on the club with his stupid interest rate that is ruining his profits and sell the remains.
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 7, 2009 11:36 AM CDT up reply actions 0 recs
Great.
it will not be extended again. period. its the day kop holding must payoff the RBS loan, if the loan isnt paid off, the English FA will deduct 10 points from LFC for the following season. Its pretty black and white at this point.
So give me your guess as to what happens.
My guess: repayment, refinancing, or extension.
by Texas_Dawg on Jun 7, 2009 11:03 PM CDT up reply actions 0 recs
extension is out, refinancing is unlikey
and even if it was possible it would be at a higher interest rate which is the reason the club isnt profitiable for hicks right now.
see you dont have to guess. the extension has already happened and aint happening again, RBS isnt giving out loans to over leveraged non profitable entities these days, thats how they got where they are.
the options are limited and every1 knows it. rangers fans and reds fans are pretty informed on the subject, moreso than hicks’ close friends it seems. all this is public knowledge
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 12:54 AM CDT up reply actions 0 recs
Tom Hicks doesn't have all the cheddar
by Adam J. Morris on Jun 5, 2009 2:30 PM CDT reply actions 0 recs
Don't know jack about soccer or European bankruptcy laws
But here’s what probably happens. At some point in time there’s going to be a bidding war. Either before BR or during it. No one’s sitting there thinking they can wait until the end to pick it up on the cheap. Someone will get anxious.
What you do is throw the thing into arrears/BR when lenders won’t refinance, they risk their asset being sold for less than it’s worth and something eventually gets worked out (i.e. the lenders granting an extension). Hicks knows this and is an expert at leveraging. He may very well have to sell teams or portions of them but it won’t be at some huge discount.
Not knowing soccer or that stuff, what’s interesting are the Rangers. He’s got a team that’s winning and bringing in fans. But he might not be willing to add money to the team since he won’t know if he’ll get it back in a possible sale. He can’t gut the farm system going after cheap, good players to improve the team because he’ll be selling whole organization and not just Rangers. It’ll be interesting to see how this plays out.
Remember Red, hope is a good thing. Maybe the best of things. And no good thing ever dies.
by WyoRanger on Jun 5, 2009 3:49 PM CDT reply actions 0 recs
It would be so great
if they went into bankruptcy, and it ended up with the club spiraling down the drain and getting relegated.
"He (Padilla) shouldve gone back to Venezuela and watched on his Direct TV waiting to find out who his new team would be!!. ." - crops.mlblogs.com
by DJCahill on Jun 5, 2009 4:34 PM CDT reply actions 0 recs
No, it wouldn't
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 4:53 PM CDT up reply actions 0 recs
Please
there would be hit squads after Hicks. He’d also end up bound with rope attached to his genitals.
"He (Padilla) shouldve gone back to Venezuela and watched on his Direct TV waiting to find out who his new team would be!!. ." - crops.mlblogs.com
by DJCahill on Jun 5, 2009 5:02 PM CDT up reply actions 0 recs
That's tough
I’m all for Hicks having rope bound to his genitals, but if Liverpool being relegated is what it takes, I’m not sure I’d be willing to make that trade-off.
Tommy Jr. has come out for a few matches the past couple years. I haven’t met him, but a few guys in our supporters’ group know him and Alex, Tommy’s brother.
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 5:53 PM CDT up reply actions 0 recs
Holy fuck.
That would be hilariously awesome. It would be like Leeds x10.
by LiamP on Jun 5, 2009 4:55 PM CDT up reply actions 0 recs
What's your team, Liam?
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 4:56 PM CDT up reply actions 0 recs
Yeah
I thought I remembered you saying that before, but I wasn’t sure.
I’ve only been a Liverpool fan for four seasons, so my anti-Man United radar isn’t as finely tuned yet as perhaps it should be. It’s getting there, though.
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 5:02 PM CDT reply actions 0 recs
Been a supporter for about 14 years now.
Also lived in Manchester for a year and a half so my…dislike…of all things scouse has been cultivated from firsthand experience.
by LiamP on Jun 5, 2009 5:05 PM CDT up reply actions 0 recs
Understandable
I’m a member of the Dallas chapter of the LFC supporters’ group, and we have about a half-dozen Scousers among our numbers. We’re all pretty rabid fans, but the Scousers are doubly so, and it’s fun to hear them say “fook United” in that Scouse accent…
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 5, 2009 5:52 PM CDT up reply actions 0 recs
My family are scousers
F Manc
… And yes we did steal your hubcaps
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 6, 2009 1:54 AM CDT up reply actions 0 recs
A bit of good news
The team’s financial situation won’t affect the summer transfer budget, per the Guardian:
http://www.guardian.co.uk/football/2009/jun/05/liverpool-rafael-benitez-transfers
"I dont care to debate with a troll." - Sharky
by RCCook on Jun 6, 2009 10:26 AM CDT reply actions 0 recs
No one ever wants to hear this stuff:
But auditor KPMG has noted that the club’s owners are confident they can secure the funding, and the US pair are said to be relaxed about obtaining a refinancing package.
…because the truth here is kind of boring.
I think 20 years from now, LFC fans are still going to be talking about Hicks/Gillett in financial troubles and crossing their fingers for the next deadline… only to be once again disappointed.
by Texas_Dawg on Jun 6, 2009 9:48 PM CDT reply actions 0 recs
I think 20 years from now, LFC fans are still going to be talking about Hicks/Gillett in financial troubles and crossing their fingers for the next deadline… only to be once again disappointed.
ask Leed’s fans about how that works out, or Corinthians fans who hicks already bought, ruined, and sold.
The Texan tycoon’s firm Hicks, Muse, Tate & Furst bought into Brazilian giants Corinthians in 1999 in a bid to tap in to the lucrative South American market.
Just as at Liverpool, they promised a state-of-the-art stadium – but were soon left facing a fans’ backlash. And when Hicks’s company struggled to make the venture profitable, they pulled out after just three years.
so to review: Hicks has defaulted on a stars loan, defaulted on the rangers loan, run one footy club into financial ruin, and currently owns LFC, take a guess what happens next?
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 7, 2009 11:48 AM CDT up reply actions 0 recs
Corinthians?
Seriously? Yawn.
Hicks has defaulted on a stars loan
So what?
defaulted on the rangers loan
And that has affected what about the Rangers?
run one footy club into financial ruin
LOL. That’s false. They simply sold the team after a few years. Oh, and the subsequent owners built Corinthians a great new stadium, right?
currently owns LFC, take a guess what happens next?
Well… his Stars ownership has included a Stanley Cup win and one of the winningest NHL franchises since the mid-90s, his Rangers ownership has the Rangers currently includes one of the best positions the franchise has ever seen, and his LFC ownership, in only its second year, featured LFC’s most points in any Premier League season to date, with a team returning next year that should be a strong contender for LFC’s first EPL title.
Fwiw, I’m a little more interested in results on the field than on financial details that the tabloids, fans, and I know little about ultimately.
by Texas_Dawg on Jun 7, 2009 11:19 PM CDT reply actions 0 recs
corinthians sold every good player they had
it brought a dynasty that was a power when he purchased it to a close, after hicks just to not go bankrupt. MLB and NHL dont have rules which deduct points or wins to teams on the field for the lack of financial responsibility off the field like footy does. thats the huge difference. the same business practices in footy get you where leeds united is, the 3rd division.
Corinthians had already won the Brazilian championship in 1998 so Hicks inherited a winning team. The initial expenditure assisted in retaining the league title in Dec 1999 and the club also won the inaugural FIFA Club World Championship the following month.
This is where things started to go wrong.
Unable to resist the temptation to make a quick buck, HICKS BEGAN SELLING TRANSFER RIGHTS TO THE CLUB’S STAR PLAYERS. On top of that, he decided on the bizarre idea of changing the traditional colour of the club’s shirt(ranger red anybody?). He also introduced sponsorship (something which Corinthians fans felt defiled their heritage).
All of these things led to a furious reaction from supporters and widespread protest against Hicks and his partners. The company bailed out three years later, ironically having accused its local partner in Brazil of “misappropriating funds” (read about Hicks and UTIMCO)
Corinthians began to spiral downwards. MSI took over the club’s management but, despite a league title in 2005, the financial problems initiated by Hicks proved too much of a burden. The club was relegated to the second tier of Brazilian football for the first time in its history in December 2007 (97 years in the top division).
THERE WAS NO NEW STADIUM. Hicks invested about five hundred million dollars and within two years filed for bankruptcy.
In a recent prospectus issued to financial companies in London, Hicks claims in to be “a master of purchasing and growing professional sports teams”.
Corinthians is still stuck in the 2nd division due to the business dealings and financial problems hicks caused.
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 1:25 AM CDT up reply actions 0 recs
random question
what did the 500m go towards? just the buying of the club?
(also did that come froma bigger story? can you link me to it — seems like an interesting read)
Scout: He was a first-round pick right? Got a huge bonus?
KG: Oh yeah.
Scout: Well, he spent a lot of it on milkshakes.
-
Scout to KG: On Sandoval: "Man, that fat [expletive]-er can hit."
by knockoutking on Jun 8, 2009 10:36 AM CDT up reply actions 0 recs
when he took out the loan
the 500M was really less than 300M pounds, most of which was to purchase LFC, they got that loan refinanced later (at a higher ) with extra cash to allegedly start building the new anfield which isnt ever gonna happen under hicks. Basically at the one point in the last 30 years which the pound to dollar was 2:1, he took out the RBS loan. Most of the time the pound to dollar is around 1.75:1 so basically at the time of his loan he stuck himself with borrowing when he would owe 15 or so more than it woulda been 1 year earlier or 1 year later and 15% of 500M isnt chump change.
Ill have to find the link i went through a ton of links searching corinthians and hicks, those people hate upon hate upon hate hicks so finding unemotional fact ridden articles was trickier than i expected, but ill see if i can find it.
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 11:57 AM CDT up reply actions 0 recs
why would he take it out in GBP vs dollars
is there anything regarding the EPL that would make him?
Scout: He was a first-round pick right? Got a huge bonus?
KG: Oh yeah.
Scout: Well, he spent a lot of it on milkshakes.
-
Scout to KG: On Sandoval: "Man, that fat [expletive]-er can hit."
by knockoutking on Jun 8, 2009 1:34 PM CDT up reply actions 0 recs
It's not that he took it out in gbp
It’s that his income is based on dollars and the value of the team was based in Gbp so while the value of his assets were relatively weak compared to the value of the club at the time. It was the same deal with anything. At that point if you were buying a pair of shoes from a british online shop you were paying 20% more for no other reason than the weak buck. It always cost that same price in gb, but it woulda cost u more. Same goes for price of Lfc
mormons stole me and held me against my will with Oklahoma beer and 12+ hour work days.
by Jayslick on Jun 8, 2009 4:16 PM CDT up reply actions 0 recs
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