It appears as though the world of football is finally starting to see the light at the end of the financially dismal tunnel. According to The Times, Seymour Pierce Executive Chairman Keith Harris, has revealed that the banking crisis is on its way out, leaving the door open for clubs to be purchased on more respectable terms.
The news will be particularly welcomed by George Gillett and Tom Hicks, English Liverpool co-owners, who have been pushing the sale of the club since last year. As a result of the stability sweeping in over various aspects of the banking industry, the pair may be able to renegotiate the terms of their debts. This could mean a stronger sale for Gillett and Hicks, who have are hoping to secure about GBP 500 million for the club.
Harris also noted that interest from buyers has increased significantly. He further advised that his phone line is busy with calls from interested buyers, from Buckinghamshire through to the Middle East. Harris referred to the latest economic struggle as ‘disastrous’, suggesting that this may be the end of ‘three shocking months’ of decreased interest in football.
Unfortunately for Gillett and Hicks, the likelihood of a deal transpiring like that between Manchester United and Malcolm Glazer, who bought the club but brought his own debt along, may be a thing of the past.
Harris also stated that a ‘huge interest’ in the Premier League and the Championship remains, bringing with it renewed signs of investment.