George Gillett. A billionaire (apparently). Fifty percent owner of Liverpool Football Club. A man who never has and never will understand what Liverpool Football Club is all about, no matter how much he has or hasn’t got sitting in the bank. His recent impromptu meeting with a Spirit Of Shankly member prior to the Hull City game, further underlines, just how much he doesn’t get it, and how out of touch he is. Whilst fans keep themselves updated with the on going turmoil behind the scenes, Gillett thinks fans are oblivious to all he and his partner Tom Hicks have done, and are gullible to believe his words. In his recent meeting, as is usual for George Gillett, he made a number of claims which simply aren’t true, managed to contradict himself in the same meeting, and with what appears to be his favourite past-time, undermined the position of manager at Liverpool Football Club. Here are some of the things he had to say:
Debt on the club
George Gillett: The club had 40-80m debt when we bought it, but no earnings.” The debt on the club today is very sound”.
The auditors of LFC’s accounts have a different opinion: These conditions, along with other matters explained in note 1 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt on the Group’s and parent company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group and parent company were unable to continue as a going concern.
Christian Purslow recently told us that the debt stands at 245 million. 40 million to 245 million in the space of less than 3 years. Doesn’t sound very sound to me George.
George Gillett: Whether you see the value is a different issue. Where have we lied? Where’s the lie, for Christ’s sake? In those 60 days, what happened to the world? I didn’t say that. Hicks was the one who said. 60 days? Bulls**t. That was not me. It’s wrong. I have never talked about that. I think that what happened was that Hicks was convinced we were going to start to move dirt on the foundations within a 60-day period. In the period of time, the world credit market collapsed and he had big egg on his face, not living up to what we said. I don’t talk about absolute dates when we’re talking about credit markets.
No George. Tom didn’t say it. You did. Look
George Gillett claims the credit crunch happened in the 60 days from buying the club. He then goes onto claim. When we bought the club it was with our own money. Cash. A year and a half later, when the credit crisis hit we each put our portion of the club up as collateral for a loan to go into the club and refinance the business.
So when did the credit crunch start George, within 60 days or a year and a half later?
When talking about paying for a stadium, Gillett said the following You want a bigger stadium and if we could figure how to do it I would have done it yesterday. Not going to use our own capital because that is not the way a smart investment occurs for this club. He said the following back in January 2009 “He claimed they had spent 100m on the stadium so far and were still working with designers, architects and planners.
“I asked why they were spending the club’s money on this and he claimed it was coming from himself and Tom Hicks and not the club.
When quizzed about his expenses, George Gillett claimed “The money taken out is for the benefit of the club, not the detriment. Obviously the 1.327 million claimed by Gillett has benefitted us greatly. Or more likely, paid for his travel, his security, his expenses, his bills for buying the club.https://spiritofshankly.com/documents/gillett_hicks_out_leaflet.pdf
George Gillett : We have put £128 million in to buy players on top of what’s come in in the last 18 months.
Using figures from LFChistory.net, LFC have spent approximately £100 million on transfers in the past 18 months. From player sales, they have recouped approximately £80 million. A net spend of around £20 million. Where’s the other £100 million George?
You were right about 2 things in the meeting though. We don’t like you. And we certainly don’t trust you.
You’re not welcome here. So do us all a favour – sell the club and don’t come back.