You are currently browsing the category archive for the 'Liverpool' category.
Optimism is a pre-requisite for football supporters. It takes different forms; winning a trophy for one club is the equivalent of avoiding relegation at another. The supporter, before and during a season, will invariably swing between belief and the less palatable outcome. As the Premier League avalanche sweeps all before it, the downward trajectory is being ignored. Until yesterday when the true extent of the Promised Land became evident for Liverpool supporters.
The optimism of Hicks and Gillett’s takeover was hardly unbridled but new owners wasted little time in raising the stakes, lifting the belief that they had new investment to build a new Anfield, give Rafa Benitez funds to spend on new players and deliver the Premier League title, the obsession for a club that became used to being champions of England but had not heard those words precede their club name for 20 years.
Having finished closer in 2008/09 to winning the title, the new season was approached with a guarded optimism. The plans for a new stadium had been put on the backburner as it was apparent that the American owners failed to borrow the money required, refusing or unable to invest their personal wealth into the club’s future. The length of commitment required for personal intervention was probably a driving force behind this. Neither makes any attempt to disguise their disdain for the other, quite probably regretting their dual involvement.
Their summer transfer dealings were disastrous. 2008 saw a distasteful public courtship of Gareth Barry, a signing which never materialised, and the attempted offloading of Xabi Alonso to Arsenal, reportedly falling through over £200k. Fast forward to 2009 and one of those transfers happened, Alonso returning to Spain. Barry upped sticks to Manchester City whilst Aquilani was brought in from Roma. The Italian though came with a proviso: he was injured, unavailable until autumn.
Having spent the majority of his funds on this transfer and Glen Johnson from Portsmouth, Benitez was unable to invest in forwards, a situation which haunted him as the Champions League was exited and the Premier League slipped from his grasp as Fernando Torres was sidelined. Europa League football is not much of a prospect to look forward to but this is the reality facing Liverpool for 2009/10 and quite possibly the following season as well.
Prior to the home fixture with Arsenal, Benitez gave a frank assessment of his situation. There was no money to spend nor would the coming seasons bring any immediate improvement. £60m of debt had to be repaid and with no-one willing to match the £100m sought by the owners for a mere 25% stake in the club, spending would be drastically reigned in. Media supposition that Gerrard and Torres may be sold to fund this was dismissed by the Spaniard yet the nagging doubt cannot be so easily shaken.
The club’s financial state is a warning for those clubs looking at foreign takeovers or already subjected to huge debt burdens on their parent company balance sheets. Unless you are delivering trophies – major ones at that – your business is unsustainable. Asset stripping is too strong a term but realisation of valuable assets is around the corner unless the American nightmare turns to a dream.
For many the Liverpool scenario is one that was destined to happen at Arsenal. Funding a new stadium restricted activity in the transfer market. Arsene Wenger and the board had thought ahead, bringing through young talent over a number of seasons, building an Academy and scouting system that created a sustained turnover of players. Liverpool is some way behind as the Carling Cup encounters over recent seasons have shown. It is a path that they are now treading, a path which will show how good a manager Benitez really is. If it comes to fruition, Hicks and Gillett may be consigned to the history books with not many good words accompanying them. If not, they may be remembered as the men who broke the bank of Anfield.


