Quote:
Originally Posted by Chris
... which in turn are a symptom of the massive financial bubble the English Premier League exists in. It is ultimately unsustainable but for the time being there are still enough idiots prepared to shovel money down the pit to keep it going.
I can see this running on until RBS forces the club into insolvency. The Redsox will then get it, but not before the Premiership docks 9 points off Liverpool's already measly total. Somehow I doubt even this will do much to halt the money-go-round.
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It's looking unlikely that administration is anything other than the bank's trump card at this stage. To quote Martin Broughton earlier today when asked about Tom Hicks attempt to replace two of the non owner board members in favour of the sale:
"We don't think it was valid to do it. Essentially when I took the role they gave a couple of written undertakings to Royal Bank of Scotland. Those written undertakings included that I was the only person entitled to change the board and that was written into the articles of the covenants, and also that they would take no action to frustrate any reasonable sale. And I think they flagrantly abused both of those written undertakings."
http://www.liverpoolfc.tv/news/lates...n-takeover-q-a
Even if, by some unimaginable reason the judgement went against the board, by this stage RBS would be within their rights to force Kop Holdings (the club's holding entity and debtor in question) into administration.
Following some of the journo twitters this morning it seems that there are noises coming from the Premier League that they won't apply the 9 point penalty because the club is still a solvent, trading entity. I expect this little snippet of information has been circulated to put the frighteners on the two parasites, ie: they have no options left. They're surrounded now and the snipers are on the roof but the war isn't over yet.