SOS and LFC accounts

The Spirit of Shankly have studied the information that has been released in the last day relating to the accounts of Liverpool Football Club and its associated companies. The picture is alarming and underlines what we have said from the creation of the Union, namely that Tom Hicks and George Gillett are not fit or proper custodians of our Club.

The accounts show a number of unacceptable issues and we feel it is fair to say that unless action is taken now by the owners and their funders then the Club is sleepwalking into disaster.

The irony is that Liverpool Football Club itself has increased its income and also its profit – what is not surprising though is that the holding company for the football club has massively increased its debt to the point where its own auditors have said that

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.

This is utterly unacceptable and coincides with the Union launching a campaign against our owners and particularly Royal Bank of Scotland, to see Hicks and Gillett out and a more sensible business model put in its place that relies upon the profitability of Liverpool Football Club being used to service appropriate liabilities and with all profits being ploughed back into the Club and not siphoned off to service debt that was used to purchase the Club in the first place.

Hicks and Gillett’s business model is no longer viable and they should go – the Union’s campaign being launched this afternoon has been planned for some time to coincide with the re-financing decision being taken by RBS. We urge all members and supporters to join with us and use the window of opportunity we have to demand change, and change now!

Tom, George – Watch this space.

No money, No Credibility, No Honesty, No Integrity, No Dignity, No Custodians – Hicks and Gillett out NOW!

Spirit of Shankly