Reds warned over future

Harris concerned by financial situation at Anfield

Last updated: 12th November 2008   Subscribe to RSS Feed

Reds warned over future
The one that worries me is Liverpool.

Keith Harris
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Liverpool have been told they could face financial difficulty in January and may be forced to sell up.

Keith Harris, who has brokered takeover deals for five Premier League clubs, believes Liverpool and Merseyside rivals Everton could be affected by the credit crunch.

Reds owners Tom Hicks and George Gillett have two months to pay back a reported £350million worth of debt.

Harris feels the banks must consider whether to repossess the club if neither refinancing nor new financial stakeholders can be found, while he also thinks Liverpool might have to cash in on some of their top players if there is no fresh investment.

"The one that worries me is Liverpool," explained Harris, who has masterminded takeover deals at Chelsea, Aston Villa, Hull, West Ham and Manchester City and is currently seeking buyers for Newcastle and Everton.

"It has never been more difficult to find buyers.

"It's no longer a question of price negotiation - it's should we? People are wondering if now is the time to spend.

"Liverpool's debt is due in January, with maybe a six-month extension.

"The two banks which are the principal lenders - the Royal Bank of Scotland and Wachovia - are two of those that have suffered. Whether they want to lend it again or not, they may not be able to."

No progress

Harris, chairman of Seymour Pierce investment bank and a former Football League chairman, has also admitted that Everton are no closer in their search for a buyer.

Speaking at the International Football Arena Conference in Zurich, Harris said: "There is no progress at all."

Harris has also hit back at claims by Uefa president Michel Platini that English football has too much foreign ownership.

He said: "It's unfair to single out England for unmerited criticism. PSG are 62.5 per cent owned by an American property company and Grenoble was bought by a Japanese company and has a Bosnian coach.

"Platini talks of English clubs distorting competition but there is not one team that perfectly fits his ideal of locally-owned, debt-free and with a strong national playing squad."