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Liverpool owner George Gillett is reported to have brokered a potentially club-saving deal, to rescue the Anfield club from the brink of possible financial meltdown.

Following the revelation earlier this month that Gillett and his business partner Tom Hicks were having difficulty meeting loan repayments on a $700 million debt used to fund the takeover at Liverpool, the American is reported to be selling ice hockey franchise Montreal Canadiens to the Molson brewery for $680 million.

That would represent a 100 per cent profit on the price he paid for the Canadian outfit eight years ago. The sale is expected to be finalised shortly, which was confirmed by a spokesman for the Canadiens saying: "Assuming all goes well, we would expect the deal to go through in a month or two."

Liverpool fans had been concerned at what was seen as Gillett's differences with his partner Hicks. The pair took out a $700 million loan when they bought the club in 2007 and have made no progress with a proposal to build a new stadium.

The British media got hold of accounts of Liverpool's parent company, Kop Holdings, which showed losses of $85 million in the year to August 2008. Interest payments on loans accounted for $74 million of that amount.

To add to Liverpool's upturn of fortunes, Hicks is reported to be hoping to offload his baseball team, Texas Rangers, which would potentially make him a $200 million profit.


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Now I guess we wait and see where the money goes. Some could go towards helping Liverpool but we have no way of knowing what other commitments Gillett may be tied into.
It's also a question of how his relationship with Hicks is holding up. He may require Hicks to match his input before he lets go of any cash.

My main hope is that some of the cash goes towards adding some class to the team and more importantly, prevents any of our players having to leave. We are so close to being
title winners, I can almost taste it.