After losing out on long-term target Gareth Barry to Manchester City and Glen Johnson nearing his switch to Chelsea, Liverpool faced another humongous setback as their parent company their showed losses of £42.6 million, mainly due to interest payments of £36.5 million.
Owners Tom Hicks and George Gillet warned that there would be significant doubt over the group’s parent company to continue and transfer funds would be restricted and meagre, if any. This report has led to widespread panic among Liverpool supporters who were expecting a few arrivals in their bid to dethrone United from the Premier League throne. Reports suggest that the owners have July 24 deadline to refinance £350 million debt and Benitez will have to sell before buying.
The report has force Rafa to look at more modest targets. He is planning a £2 million cut price move for Sylvain Distin. Also, Middlesbrough striker Sanli Tuncay is one of the targets. With increasing need to raise finances for transfers, Benitez might have to sell Xabi Alonso, who nearly left for Juventus last year. Real Madrid and Manchester City have both expressed interest in the Spanish international.
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