March 14 – Liverpool are in talks with a private-equity firm, the Rhone Group, over a £118.5 million deal to buy a controlling share of the club and halve their debts.
It is understood the investment group wants a 40 per cent stake at Anfield, which would considerably strengthen the club’s financial position.
The Rhone Group’s bid would give it the controlling interest, with the current American joint-owners Tom Hicks and George Gillett reducing their shareholdings to 30 per cent apiece.
Hicks and Gillett were last year told to cut £100 million from the club’s £237 million debts.
The Royal Bank of Scotland gave the club a deadline of this summer to pay up.
The club’s chief executive, Christian Purslow, has been working to find investors and says he wants a deal by Easter.
The offer from the Rhone Group - which is the first real result of Purslow’s search - would be used to slash the club’s debt by half.
The Group is run by billionaire financiers Robert Agostinelli (pictured) and Steven Langman.
That would make Liverpool a more attractive option for further outside investment.
It would also improve the club’s credit-worthiness, which could lead to work finally beginning on the long-awaited new £350 million stadium in Stanley Park.
Details of the offer were received by Liverpool yesterday and the matter has yet to be discussed by the board.
There have been suggestions that the Hicks and Gillett are looking for a better price, but with the clock ticking it may yet prove viable.
The Rhone Group was founded in 1995, has its headquarters in New York with other offices in London and Paris, and describes itself as “one of the world’s leading mid-market private-equity firms”.
They specialise in mergers, acquisitions and leveraged buy-outs.
The Rhone Group’s co- founder Agostinelli, 56, is an Italian-American executive based in Paris who lists former United States President George W Bush and current French President Nicolas Sarkozy amongst his friends.
His high-flying wife, Mathilda, runs the French office of Prada and was a witness at Sarkozy’s secret wedding to Carla Bruni.
Agnostinelli and Langman, 48, have worked together at several top Wall Street firms before setting up the Rhone Group 14 years ago.
Related stories
January 2010: Liverpool seeking sponsor for new stadium
January 2010: Hicks’ son resigns at Liverpool after abusive e-mail to fan
January 2010: Work on new Liverpool stadium to start in April, Council Leader claims
December 2009: Saudi Prince poised to buy 50 per cent of Liverpool
December 2009: Liverpool and Milton Keynes celebrate being part of World Cup bid