The owners of Liverpool are about to refinance their loans

LONDON – The owners of Liverpool FC are hoping to attract new investors by the end of the year and are about to refinance the debt of the club by the maturity date set next month, it was learned from a source familiar with the matter.

Negotiations to reach a new agreement with the Royal Bank of Scotland and Wachovia have increased in recent months to the deadline of July 24 and are about to be finalized, said an officer on the cover of anonymity about the ongoing discussions.

A credit facility of 350 million pounds (C $ 662 million) for a period of 12 months had been granted by financial institutions in January 2008. The conditions were extended in January for six months.

The owners Tom Hicks and George Gillett are about to finalize an extension of the conditions that lead to reimburse an amount of about 250 million pounds (C $ 472 million) more quickly.

Hicks is also looking for new investors to help fund the replacement of the stage of 60 000 seats to Anfield and he expressed confidence to complete the agreement by the end of 2009.

Christian Purslow of the private investment firm MidOcean Partners, who joined the board of Liverpool FC, has played a leading role in the process. The holder of a long subscription, which also worked for Credit Suisse First Boston in the field of mergers and takeovers, as acting general manager of the team while the search continues for a replacement for the Chief Executive Rick Parry.

Hicks and Gillett are trying both to consolidate their financial situation in North America.

Gillett confirmed Saturday that he had come to an agreement in principle with the Molson brothers on the sale of the Montreal Canadiens, the Bell Center and Gillett Entertainment Group.

Hicks, for its part, willing to cede control of its baseball team, the Texas Rangers, if he manages to get a good price, but he wants to keep the Dallas Stars. The holding company which owns the team has recently been in default on repayment of a loan of U.S. $ 525 million.

Refinance their loans Relate post: Explain refinancing a mortgage     Toxic assets   mortgage refinancing calculator   how does refinancing work

Obama Low Income Refinance Home Loans
Obama’s Stimulus Package Helps Customers Refinance Bank of America Bank Loans – Loan Modification
50% of houses values less than their loans in 2011