How the mighty have fallen, with Liverpool Football Club, once champions of not only the UK Premiere League but also champions of Europe, now in deep financial debt and facing a possible purchase by American company New England Sports Ventures, who are the owners of the Boston Red Sox baseball team.
The Liverpool club was put up for sale by Hicks and Gillett, the current American owners in April with debts of £351.4m. They initially listed an asking price of about £800m ($12m), which was later lowered to £600m ($900m).
The club directors have been unhappy with the current owners, who not only allowed the club to sink deep into debt, but failed to build a much needed new stadium to replace the ageing ground at Anfield.
New England Sports Ventures currently owns a range of companies in Boston, a list that includes the Boston Red Sox, New England Sports Network, Fenway Sports Group and Rousch Fenway Racing. They are partially owned by John W. Henry, a futures and foreign exchange trading advisor, who has an estimated fortune of £540m.
It is thought that New England Sports Ventures are offering about £300m for Liverpool Football Club, which would be enough to pay back loans and fees totaling £280m that are owed to the Royal Bank of Scotland, and which must be paid by the 15th October to avoid a £60m penalty fee.
It’s not only off the football pitch that Liverpool are having problems. They are currently in 18th place in the Premier League, and if their performance does not improve, they could end up being relegated, which has not happened since the 1953-1954 football season.