New Delhi: Liverpool’s owners have confirmed Barclays Bank is searching for a buyer for the debt-ridden Premier League football club.
British Airways chairman Martin Broughton’s has been appointed to oversee the sale process, the club said. Broughton has been appointed as the new chairman of the Liverpool Football Club, with immediate effect. He will work alongside the club’s existing management team that includes, managing director Christian Purslow, commercial director Ian Ayre and financial director Philip Nash.
American co-owners Tom Hicks and George Gillett Jr. hope Barclays Capital, the investment arm of the bank which sponsors the Premier League, can succeed where other financial institutions have failed in the last two years.
In a press release issued on the Club’s website, Hicks and Gillett stated, “Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families. Having grown the Club this far we have now decided together to look to sell the Club to owners committed to take the Club through its next level of growth and development.”
Hicks and Gillett acquired the club in February 2007 for £219 million. The debt resulting from the 2007 takeover stands at £237 million ($364 million).