INSIGHT: Where did it all go wrong at Liverpool FC?

Feb 3 2008

Liverpool FC owners George Gillett (left) and Tom Hicks _320

THE SOLUTION

So what to do? While Tom Hicks has regularly stated his intention to stay at Liverpool - despite admitting talks with DIC about selling them a 15% stake - sources say George Gillett is hoping his partner will take a profit on his shares and sell to the Arab consortium, “but he doesn't expect it to happen”.

Gillett himself could take the money thought to be on the table from DIC or both could go. One of the problems is Hicks’s valuation of the club at £1bn because of the revenues which he believes the new stadium will create come 2011.

No buyer is likely to accept that figure. It is astonishing that at Liverpool FC, once a bastion of stability, neither the owners, the chief executive, any of the board or indeed the manager can be assured of their current position. No wonder the fans think DIC offers a better alternative.

Tomorrow: David Bartlett on how the American deal was done and where all the money went.