On the one-year anniversary of the Fenway Sports Group (FSG) takeover, the executive has spoken of the precarious position the Merseyside team found themselves in last year.
“Certainly the bank had the power to call in the debt and at the time there wasn’t anyone ready to take on that debt. So I guess the answer to that is yes, the club could have gone into administration,” he is reported to have said in Mirror Football.
“Based on where we were and based on the circumstances at the time that was a very real threat. It’s not what anyone wanted. It wouldn’t have been a better solution than where we ended up but it was a very real threat.
“That was the case in the final hours. That was one of the other routes we could have gone down.
“There are lessons to be learnt for all football clubs, because we really were on the edge,” he admitted.
The FSG buyout has done wonders for Liverpool, as Kenny Dalglish has been given large amounts of money to spend on the playing staff, whilst the club’s finances seem to be more stable under the new ownership.
By Gareth McKnight