Liverpool must ensure they avoid transfer pitfalls
The prospect of a takeover at Anfield in the coming weeks and the chance to finally get shot of much maligned owners Tom Hicks and George Gillett will have most Liverpool supporters grinning from ear to ear. After a turbulent two and a half seasons at the helm, marred by large-scale protests against their ownership, the American duo’s creditors, the Royal Bank of Scotland, appear close to concluding a takeover deal for the club.
The leading frontrunner remains a group of investors from the Middle East and Canada led by Syrian businessman Yahya Kirdi, who claims a takeover agreement is set to be finalised by the weekend. Kirdi has promised to wipe the club’s debt and start work on its new Stanley Park stadium, even claiming to have already reached an agreement on these terms with RBS following advanced negotiations.
The other main contender is Chinese businessman Kenny Huang who reportedly wants to rush through a deal before the end of the transfer window to provide new manager Roy Hodgson with the funds to strengthen his squad. While Huang distanced himself from reports suggesting his sports investment company QSL were being heavily backed by the Chinese state government, the businessman has indicated at least £450m worth of funds are in place to secure the club’s future.
The backers behind both bids remain a mystery and therefore it is impossible to say what level of funds they will have access to. Yet with both sides claiming to have enough finances to wipe the club’s £350m debt, commence work on a new stadium and make transfer funds readily available, supporters can assume a shortage of money will be the least of their side’s worries next season. Liverpool fans will be wary of the promises emanating from both of the interested parties, especially considering the large amount broken under the Hicks and Gillett regime. Both Huang and Kirdi seem to be attempting to win favour with the club’s supporters through ‘unnamed sources’ in the media or surprisingly revealing press statements containing their plans for the future of the club. Yet it is unlikely supporters will get too carried away until a deal is actually finalised and these words are put into action.
Should the large level of investment speculated in the media come to fruition, Hodgson could be given a huge transfer budget and the task of re-building a club which once ruled the Premier League and abroad. The Reds could suddenly find themselves with a budget to match rivals Chelsea, who themselves were the fortuitous recipients of a blank cheque signed by Russian billionaire Roman Abramovich in 2003. Yet with money comes problems and comparisons between Liverpool and the Londoners or Manchester City would not sit well with Reds fans. Although it is doubtful the any potential investment would be able to match the vast resources and unlimited funds put in place under Sheikh Mansour at City.
Kopites can rest assured however that one key difference between the clubs will long remain and that is their history. The Reds have won 18 league titles, while between them Chelsea and City have managed just six. Their history off the field remains vastly different too. Liverpool are traditionally a working class club in a working class city and a sudden influx of money would be somewhat of a contradiction to the ethos legendary manager Bill Shankly instilled at the club during the swinging sixties. Liverpool supporters would not want the soul of the club ripped out and their history put to one side and replaced with stacks of cash. You would hope the club’s new owners would look to protect Liverpool FC as a British institution and think twice before throwing around obscene amounts of money in the transfer market.
Liverpool would not want to be tarred with the same brush as Chelsea or City. Both clubs are levelled with the same accusation of trying to buy success, where Liverpool have built up a reputation over decades, not just a few years. Liverpool will be keen to learn from the mistakes made at Stamford Bridge and Eastlands following the increase to their respective bank balances. City’s mistakes in the transfer market have been there for everyone to see. Paying over the odds and being held to ransom for players such as Yaya Toure, Joleon Lescott and Roque Santa Cruz, when it may have been better to explore other options. Not to mention City managing to offend European heavyweights AC Milan by accusing them of ‘bottling it’ over the transfer of Kaka last year. While Chelsea have continued to pay inflated prices throughout Abramovich’s reign, £30m for 29-year-old Andriy Shevchenko anyone?
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Should the investment promised become available then Hodgson is the ideal man for it to be entrusted too. Liverpool do not need a major squad overhaul as seen at both Chelsea and City following the arrival of their owner’s millions. They have world class players in Pepe Reina, Fernando Torres and Steven Gerrard and a few high quality additions would make a major difference to the Liverpool side. If Liverpool can spend wisely, clear their debts and start work on a new stadium then the club can look forward to a new era on a stable financial footing.