KEY POINTS:
The new American owners of Liverpool brought both appeasement and ambition to Anfield yesterday, when George Gillett jnr and Tom Hicks outlined their intention to respect the traditions of the club - and provide manager Rafael Benitez with a transfer pot to challenge Manchester United and Chelsea for
the Premiership title.
Liverpool's arduous and, at times, highly controversial three-year search for new investment officially ended with confirmation that the American sports tycoons, through their takeover vessel Kop Football Ltd, had bought a 62.2 per cent stake in the club for £174 million ($509.36 million).
That total includes the 51.6 per cent stake of David Moores, the former chairman and now honorary life president, a 9.99 per cent stake held by Independent Television and the minor shareholding of director Terry Smith.
Liverpool's new co-chairmen, Gillett and Hicks, have extended a formal offer of £5000 a share to remaining shareholders and hope to have acquired complete control of the Merseyside club within 21 days.
"We expect to own 100 per cent," confirmed Gillett, 68, the multi-millionaire owner of the Montreal Canadiens ice hockey team. "It's a generous offer and the number of shares outstanding is relatively small.
"People have them in a frame, they are emotional issues - but we are more than willing to send them back marked 'cancelled' so long as they tender them and I think they will."
Gillett and Hicks, a friend of George W. Bush and owner of the Dallas Stars ice hockey team and the Texas Rangers baseball franchise, will spend £218.9 million of their own money to take control of the club in a 50-50 partnership that will result in a place on the new Anfield board for their sons, Foster Gillett and Tommy Hicks jnr, alongside Moores and current chief executive Rick Parry. The new six-man board has granted honorary life vice-presidencies to the directors they will replace.
The businessmen have also committed £44.8 million towards the club's £80 million debt, with the remaining debt to be refinanced and all borrowing expected to be concentrated on a new £215 million, 60,000-seater stadium at Stanley Park.
"It is too early to say how we will finance the stadium," said Gillett, who will provide funds for construction work to commence within the next 60 days, the deadline required to secure European funding.
Although the new owners confirmed they would sell the naming rights to the new stadium at the right price and their American roots shone through on occasions - Hicks referred to his new acquisition as the "Liverpool Reds" - they were anxious to portray themselves as custodians of the club's rich heritage.
"I don't think it is appropriate for me or Tom to try to convince the fans we understand the traditions as well as they do. But respect is what we genuinely feel," said Gillett.
Explaining his motives, Hicks said: "Fans are passionate and you can't hide from them. I wouldn't dream of not being here today. I haven't slept for two nights because I am so excited.
"Liverpool is like the Boston Red Sox or the Montreal Canadiens; it's the best in the sport, but there are economic drivers in the industry that make it a good investment."
Hicks' expertise in stadium development has already led to "my people" taking a fresh look at plans for the new stadium - but it is in the business of claiming a first championship for 17 years where most supporters have their concerns.
"We want to match or exceed Chelsea in terms of winning, not spending, and there are different ways to get there," insisted Gillett.
"If we have a chance to get a great player, we get a great player. That's Rafa and Rick's job. Ours is to support them. We are passionate about winning.
"We didn't come here to milk the franchise or the club, we are here to try and build a winning tradition on what is already a winning tradition."
- INDEPENDENT
