Liverpool co-owners Tom Hicks and George Gillett have been handed a further six months to pay back their £350 million loan, reports have confirmed today (January 6th).
The Americans have managed to defer the original deadline to repay the sum, which they took out with Royal Bank of Scotland and Wachovia 12 months ago as part of a refinancing deal.
They will now be required to come up with the necessary funds by July 24th after being awarded a period of grace as a result of a letter sent to the two institutions.
It has also been reported that Gillett has been forced to cut back spending on his Nascar team in the US and a number of his other investments as the economic crisis bites.
The pair are required to stump up £30 million per year in interest repayments, while work on Liverpool's new stadium has been delayed since starting back in June.
Hicks and Gillett bought the Reds at a reported cost of £218.9 million (including debts) in February 2007.
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9 September 2010
9 September 2010
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