Between The Kop And A Hard Place

Even if Liverpool soccer club owners Tom Hicks and George Gillett Jr. can’t come up with the $380 million needed to clear a bank debt by the Oct. 15 deadline, the Royal Bank Of Scotland may think twice about what it’s going to do about it.

Although the die-hard Liverpool fans at the Kop end of the world-famous Anfield ground want to see the backs of the American owners, it may not be so easy for the largely state-owned bank to seize control.

RBS and other lenders want the club put on a firmer financial footing, but any hopes that would come via new ownership were dashed when not one of a half-dozen reportedly interested parties could show it could come through with the money.

RBS will need to choose whether to take control of Liverpool FC Oct. 15, which may mean more than just a short-term involvement given the difficulties in selling the club, or give Hicks and Gillett a little more breathing space by extending the debt repayment deadline.

Extending the deadline and thereby extending Hicks and Gillett’s ownership of the club wouldn’t make the bank popular with Liverpool fans, but neither would one or two of the other courses of action left open to RBS.

If it seizes control, the British taxpayers – especially those who support other teams – might question why a bank that’s running on state money is using it to buy footballers and invest in Liverpool’s flagging bids for glory.

The Liverpool fans themselves wouldn’t be happy if the bank that owned the club cut back the transfer budget in order to claw back the money it’s owed.

If RBS puts Liverpool into administration, then the club would have league points deducted and that may put paid to any idea of qualifying for next year’s top European club competitions.