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Purslow insists Liverpool not in danger of receivership

September 23, 2010

Despite Liverpool facing serious struggles both on and off the football pitch, managing director Purslow insists the team is not in danger of receivership.

Having suffered a recent loss to Northampton in Anfield during a penalty shootout, the football club is also facing financial woes as American co-owners, Tom Hicks and George Gillett seek to pay off growing debts to the Royal Bank of Scotland.

Financial troubles befell the American duo recently when RBS decided to call in its loans. With the deadline for repayment approaching quickly, the American duo is set to lose the club. However, managing director Purslow said that there are still several interested parties wanting to acquire the popular football club.

In a warning to financially battered co-owner Hicks, Purslow said that any attempts to refinance in order to keep his stake on the team would be blocked by the club’s board of directors. Currently, Hicks and partner Gillett owe the Royal Bank of Scotland well over £237 million, which is due in a matter of weeks.

The football club, once a champion on the pitch in Britain and all over Europe, is struggling to remain competitive. However, Purslow is adamant that the club is not in danger of entering receivership, but rather is doing well financially. He added that it was the American owners, who personally are struggling with their finances, who were in trouble.

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