Credit is crunching Liverpool stadium

While their internal squabbles continue to wreck English Liverpool internally, stadium funding now is becoming a pressure point for club co-owners George Gillett and Tom Hicks.

The pair looked on their way to funding a new state-of-the-art stadium, ready to open for the 2011-2012 season. But the credit crunch has wrecked some of the plans. Gradually, elaborate stadium designs have given way to more bare-bones looks.

And financing the GBP 300 million project is turning into more of a nightmare. The co-owners negotiated GBP 350 million in loans with the Royal Bank of Scotland and Wachovia. Of that, GBP 60 million was marked for the stadium.

Since then, Hicks has not been able to secure more funding, especially after redoing his loans and his in-house dirty laundry — squabbles with Gillett — being constantly aired in public.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.