44 THE PREM ERAI
t started as the friendly takeover, even a love-in.
But, just a year on, it is staggering to recall the warm,
wonderful Scouse welcome Tom Hicks and George
Gillett received when they walked on to the Anfield pitch
bearing red and white scarves having just bought Liverpool.
They were hailed as the men who would spirit the club
back to the championship-winning ways that have eluded
them for almost18 years. These American businessmen –
Gillett is originally from Wisconsin, Hicks a takeover tycoon from
Texas – would finally fund the building of the huge stadium in
neighbouring Stanley Park that had been proposed for almost
a decade. Now with their own billionaires, the fans believed their
club would soon compete again with those that have outstripped
them in recent years – Manchester United, Arsenal and Chelsea.
The club’s plan, which may have been flawed in itself, was to
find wealthy new owners to buy out the existing shareholders,
then the club would have the clout to support borrowing to
build the 60,000-seater stadium, the projected cost of
which has risen to £400 million.
Liverpool had wrestled, argued then fallen out with a fan
and businessman, Steve Morgan, who said he wanted to pay as
little as possible to the shareholders so that more of his money
could go towards the stadium. The club looked further afield
and, at the end of 2006, confirmed leaked news that they
were in advanced talks with an odd-seeming buyer,
Dubai International Capital.
Liverpool’s chief executive, Rick Parry, and
chairman David Moores, both fans of the club
who prided themselves on trying to maintain
the “Liverpool way” of dignity and discretion
in their dealings, were at pains to say they
believed DIC would honour those traditions.
The fund was at arm’s length from
the man whose oil fortunes it principally
invests: Sheikh Mohammed bin Rashid Al
Maktoum, scion of Dubai’s ruling family.
The chief executive, Sameer Al Ansari,
was a Liverpool fan that had met Parry
at the 2005 Champions League final
triumph in Istanbul; they do things
properly in Dubai, and the Liverpool
board was confident that DIC could
be trusted with their great club.
Then another report leaked
that DIC would be looking to
make a mighty return on any
investment in Liverpool, and
the deal began to falter as DIC
took their time. Suddenly, Gillett
made an approach, introduced
Hicks, reportedly the wealthier
partner, the duo made a higherThe borrowers
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