By Brian Reade
AN EPIC SWINDLE is the interior tale of ways Liverpool FC got here inside of hours of being re-possessed by way of the banks after the shambolic 44-month reign of yank vendors Tom Hicks and George Gillett. it's the story of a civil conflict that dragged Britain's so much profitable soccer membership to its knees, during the excessive courtroom and nearly into management.
Players Steven Gerrard and Jamie Carragher inform in their anger on the damaged delivers, in addition to their discomfort at gazing unswerving fanatics in open rebel. supervisor, leader government, board contributors, major fanatics and reporters show the turmoil at a respected wearing establishment run by means of males at battle with one another, who trampled Liverpool's loved traditions into the gutter.
No tale sums up the bare greed on the center of recent soccer particularly like Hicks' and Gillett's try and flip a greenback at Liverpool. No-one has had as a lot entry to the reality, or tells it with as a lot ardour, wit and perception as Brian Reade.
AN EPIC SWINDLE is the riveting tale of ways shut one of many nice soccer golf equipment got here to monetary implosion.
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Additional info for An Epic Swindle: 44 Months with a Pair of Cowboys
Throughout the 1990s everything Hicks touched turned to gold as he rode the wave of new media with stunning success. com and turned that into $55 million in less than a year. But when he tried to take a stake in the emerging internet boom his luck changed. ‘We were making bets in another exploding industry we knew nothing about,’ Hicks told Schoenfeld. The profits were becoming so huge so quickly, and thus the bets so tempting, he was buying up companies without arranging the capital to run them.
We went into a relatively hostile environment in Montreal, culturally at least,’ said Gillett. ‘We didn’t come from that community. A lot of the people knew that the club was for sale and none of the locals bought it so you obviously go in with a level of suspicion. Your first reaction is there must be something wrong with it. ‘Rather than saying to the fans “I come with the answer”, I clearly don’t. I think you’d be terribly presumptuous to come into a community like Montreal with twenty-four Stanley Cups and say “I can do it better”.
In 1974, he moved back to Texas to serve as President of First Dallas Capital Corporation and three years later, at thirty-one, Hicks created Summit Partners to do his first leveraged buyout – the technique of buying low with borrowed money, then selling high at a huge profit, which he perfected so spectacularly it made him a billionaire. The same technique he would employ thirty years later to buy Liverpool. Shame about the profit. In the greed-is-good 1980s, Hicks was like a (noncriminal) Gordon Gecko, filling his cowboy boots through the gains of leveraged buyouts, with partner Bobby Haas.