Hicks-Gillett ownership should serve as a lesson

William Gaillard, who is an adviser to UEFA president Michel Platini, has said the Hicks-Gillett era of Liverpool should serve as a lesson to other football clubs. He states that football clubs should take caution when dealing with potential buyers who are funded by debt.

Gaillard  said;
'The club has been rescued, thank God, of the fantastic heritage of Liverpool Football Club, but it was a close call. There was the extraordinary situation where a club was being owned by the British and American governments. They suddenly found themselves being owned by two failed banks that had been taken over by Governments - RBS by the British government and Wachovia by the US government.'

Hicks and Gillett were bought out by Fenway Sports Group (FSG), who are led by John Henry as the leading shareholder, in October 2010. The takeover was heavily publicized as it involved the English courts to force the deal through. Henry, who cleared the debt owed by the former to RSB, gained full control despite great protests from Hicks.

Read more: http://www.dailymail.co.uk/sport/football/article-1380794/Liverpool-went-bust-debt.html#ixzz1KeyM0IM6