Anfield Red

Given all the heartache and pain we’ve had to endure over the past couple of years, this morning’s news that Tom Hicks and George Gillett were putting the club up for sale was music to my ears.

Mind you, we’re not out of the woods yet. Whilst everyone will be singing in the streets and counting down the days until the Yank bastards are no longer at our club, there are some massive hurdles to jump before we’ll ever be able to reclaim the club from quite possibly the worse ownership duo I’ve ever seen.

There are still a lot of things that aren’t clear at the moment, with regards to the sale of the club. But here are the details we do know:

British Airways chairman, Martin Broughton, will oversee the process of the sale. He’ll be the new chairman of the board that includes Purslow, Ayer, Hick and Gillett. The five members will then be charged with voting on all decisions before anything is set in stone.

Barclays Capital will replace Rothschild and Merrill Lynch, Hicks and Gillett’s previous banks, as the new bank in charge of finding a respectable group to take over for the current ownership. This could possibly be the biggest piece of news. By giving Barclays the lead role, H&G are essentially throwing away their differences, and unifying under one financial umbrella. This should make it much easier to find a potential buyer.

Reports of a three-year, £300m refinancing package with Barclays, has been reported by multiple outlets. Even though the figure is just a rumour at the moment, the refinancing package would essentially be the golden parachute Liverpool need to make it through what could have been a very difficult summer. RBS and Wachovia have also confirmed they’ll be giving the owners a six-month extension on their refinancing deal.

All in all, there really isn’t anything bad to say about the progress that’s being made. The massive hurdle at the moment will be finding a buyer that’s willing to come in here and clean things up. The £237m debt at the club, plus the £500m valuation, mean a consortium, or an owner with VERY deep pockets will be needed.

Given where we are at the moment — no Champions League football next year — finding a buyer willing to pay that much will be difficult. I’d honestly be shocked if H&G didn’t decide to change their tune and lower the valuation. It only makes sense. Let’s just hope they open their eyes and see the best thing to do at the moment is to find a buyer as soon as possible, and start to the process of handing over the reins.

We’re not out of the woods just yet — but we’re definitely moving in the right direction.