George Gillett has taken out a 'Personal loan' of $75million, using Liverpool FC as an asset to secure the loan, putting more debt on the club.
Gillett is hardly Liverpool fan's favourite person at the moment, and this will only make our opinion of him go even further downhill. Canadian website globeandmail.com reports this on it's site: "According to a lien filed in Delaware, Gillett has taken out a high-interest, $75-million (all currency U.S.) personal loan from a U.S.-based private investment fund, putting up his heavily-leveraged share of British soccer giant Liverpool Football Club as collateral.
As security for the loan, Gillett's company, Delaware-incorporated Gillett Football LLC, pledged all of its "right, title and interest in Football Investments LLC," the documents show.
Gillett owns his 50-per-cent stake in Liverpool through Football Investments.
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He hasn't put the debt on
He hasn't put the debt on Liverpool, he's just used Liverpool as collateral. If the other reports are correct, and someone who wants to buy Liverpool is trying to buy this debt, they could force him to sell his stake in Liverpool. It could even be Hicks that is trying to buy the debt so he can get total control, but that is pure speculation.
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