Reds owners under pressure to sell

Published Sep. 10, 2010 10:25 a.m. ET

foxsports

Tom Hicks and George Gillett are under pressure to find a Liverpool buyer after it emerged they may be forced to pay their debts next month.

That move could allow the third party to effectively take control of the club.

Hicks and Gillett bought Liverpool in 2007 using loans of £237million and their company Kop Holdings' debts have now spiralled to £361million.

They have been actively searching for a buyer for six months without success.

Last month Chinese businessman Kenny Huang pulled out of talks after considering a move, while a Canadian-based Syrian investor named Yahya Kirdi claimed he represented a group interested in buying the club.

Earlier this year Hicks and Gillett rejected a £110million offer from New York-based Rhone Group for 40% of the club.

RBS's position over their loan and its refinancing has contributed to the reluctance of interested parties to table formal bids.

If the October deadline passes and Hicks and Gillett do lose control of the club, the price for which Liverpool can be acquired is likely to be less with the Americans out of the equation.