Note the fine business management of Dallas Stars owner Tom Hicks and his soon-to-be ex-partner George Gillett, as evidenced by their venture into British football:
Liverpool’s American owners incurred large net losses and expenses at the start of their involvement with the Premier League club, according to newly released accounts.
In March 2007 Tom Hicks and George Gillett Jr. gained full control of Liverpool and posted net losses of 33 million pounds (then $67 million) on July 31, 2007, including administrative expenses.
And some of those “administrative expenses” would be…
Seven months after Kop Football (Holdings) Ltd. was set up to buy the Reds in December 2006, Hicks and Gillett had 1.5 million pounds ($3.1 million) in personal expenses, including travel costs and legal fees.
A total of 10.3 million pounds ($21 million) was written off when plans for a new stadium were ditched so Hicks could employ architects from his native Texas.
$3 million in personal expenses for two people??
Excellent financial management there.
Not surprisingly the club is in chaos, and some 300 fans have personally taken it upon themselves to post eviction notices all around Liverpool’s Anfield Stadium.
It’s enough to make the NHL seem almost civil by comparison. Except...
“They have got to sit up and take notice. The fans make this club, we are like the 12th man and they cannot just ignore our opinions.
“With the credit crunch, people have less money to spend, but tickets are going up by 7% a year, it’s not right the way they are trying to squeeze us for every last penny, yet then not investing it the way the fans want.”
The club was unavailable for comment last night.
Geez, now that sounds more familiar.
P.S. Incidentally, I find it rather ironic that a guy can have more apparent success with hockey in Texas [PDF] than he can making a football club succeed in football-crazy Britain. Just a thought.
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*photo from the Liverpool Daily Post
*minor updates at 10:25am PT
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