Hicks Looks To Blackstone Financing To Keep Liverpool

Tom Hicks, Liverpool’s co-owner, has inked a financing deal with a PE firm to retain ownership of the club, according to the Associated Press

Hicks, along with co-owner George Gillett Jr., had put Liverpool up for sale in April, saying they lacked the funding to take club forward due to its debt of 237 million pounds ($370 million), the story said.

GSO Capital Partners, which is owned by the Blackstone Group, has offered Hicks a two-year funding package worth around 280 million ($437 million) pounds ahead of the October deadline facing the owners to repay the club’s debt to Royal Bank of Scotland. Blackstone, in return for its investment, would share control of the club.

Blackstone’s funding would give Hicks until 2012 to sell Liverpool, the story said. Hicks hopes the funding would allow him to take full control, pay down the debt significantly and provide funds for players. It would also see Gillett’s 50 percent stake diluted, with the Colorado-native staying at Liverpool in what the person described as an “inactive” role.