Wednesday, November 12, 2008

Merseyside Money Muddle.



The current credit crunch appears to be threatening a number of football teams over the next few months. One man who certainly seems to be making money in these tough times is former Football League supremo Keith Harris.



Harris' firm brokered the deals to bring new owners to Aston Villa, Manchester City, West Ham and Hull in recent times and Harris says that Liverpool could be in trouble if they do not find a new sugar daddy to lift the burden of the hefty debt currently held by Americans Tom Hicks and George Gillett.

Harris believes Liverpool may have to cash in on some of their players or face the risk of the bank repossessing the club.

"Liverpool's debt is due in January, with maybe a six-month extension. The two banks which are the principal lenders - the Royal Bank of Scotland and Wachovia - are two of those that have suffered. Whether they want to lend it again or not, they may not be able to."- Keith Harris.

The situation is not much better for Liverpool's close neighbors Everton either. Harris has been trying to pimp out the Toffees for weeks with not much luck.

"The demographics of Liverpool as a city are not hugely compelling" says Harris who quit his position as Chairman of the Football League in the face of the much publicized fiasco that was the ITV Digital farce.

Harris' firm Seymour Pierce Investment Bank is currently charged with finding new owners for Newcastle, Norwich and Everton. What is interesting is that Harris says that "it's never been harder to find investment", yet he is taking on the task anyway. What a hero.

Delia Smith at Norwich should certainly not hold her breath over Harris' efforts. His difficulty in finding buyers for Premier League clubs does not credibly indicate that he will be able to find some mug wants to pony up to buy a Championship club. However awesome that club may be!


-Bigus

1 comment:

Mike Georger said...

is harris not aware that wachovia just got purchased by one of the wealthiest banks in the world?

they need to sell, but the media is always trying to drum up these 'OMG OMG OMG THEY HAVE TO SELL TORRES!' stories