Liverpool FC 'absolutely committed’ to stadium

Dec 21 2007 by David Bartlett, Liverpool Daily Post

LIVERPOOL FC last night moved to reassure fans that the club was “absolutely” committed to a new stadium.

It followed a report that questioned the “staying power” of American owners Tom Hicks and George Gillett, and the viability of the scheme due to financing arrangements.

Last night, a spokesperson for Mr Hicks said: “I cannot comment on the story other than to say it’s less fact than fiction”.

It comes amid a period of intense speculation about the state of the club’s finances and of the new stadium project.

According to reports, Hicks and Gillett have had to postpone plans to borrow the £300m needed for the project until 2009 due to the global credit crunch.

Club sources said, despite this, the stadium plans are proceeding according to schedule in terms of the planning, design and initial construction of the Stanley Park ground.

Reports also claimed Hicks and Gillett are expected to refinance the £220m loan used to buy the club in February.

The new £350m loan with the Royal Bank of Scotland includes £60m to get work on the new stadium started and £25m to cover the cost of last summer’s signings.

A club source reportedly said: “The stadium plans are still on track although, as was stated publicly earlier this week, the design may have to be scaled down in terms of extravagance.”

Mr Hicks and Mr Gillett revealed earlier this week they had been forced to abandon the plan because they could not afford to pay for it and fund new signings.

Costs had risen from £300m when it was announced in the summer to around £450m.

Effectively Dallas architects HKS, who were behind the spectacular proposals revealed in July, have been told to make their plan cheaper and probably less impressive.

That stadium had the capacity to be expanded to 76,000.

A spokesman for the club said everyone at LFC’s commitment to a new stadium was “absolute”.

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