A lot has been written and said about George Gillett and Tom Hicks during their three-and-a-half seasons at Liverpool, and not a lot of it has been positive.

The Americans stand accused of loading the club with debt, back-tracking on promises of a new stadium and failing to back former manager Rafael Benitez in the transfer market. With a takeover of the club looking increasingly likely to be concluded in the coming weeks, Hicks and Gillett’s tumultuous reign at Anfield appears to be slowly coming to an end. While the Yanks have made clear and dreadful mistakes since taking control of the club, they have also done a little good, and some perspective is needed in the whirlwind of negativity which has surrounded the club over the last three years. Although I, like most Reds fans, will be a lot happier once the two have packed up and left Anfield.

The duo’s timing in buying the club could not have been much worse with the recession looming large on the horizon.  Yet this did not stop unknowing co-owner Gillett optimistically claiming shortly after purchasing the club:

“The first spade will start going into the ground on that [stadium] project by March [2007].”

The owners were certainly naive in their comments regarding a new stadium, especially without fully analysing the finer details of the project. The Americans quickly realised that the stadium’s original plans were unworkable and soon started work on a major re-design which took months to be re-approved. During this period the world financial crisis had hit and banks were suddenly clamping down on lending in light of the economic downturn. Hicks and Gillett’s investment plans had just hit a brick wall. The owners’ failure to start work on the Stanley Park site remains a major criticism but a new, improved model has since been designed, permitted and is ready to go. Of course this does not make up for broken promises regearding the stadium but at least everything is now in place for the club’s new owners to start work immediately should a takeover with fresh investment be completed.

The Anfield club have also had moderate success on the pitch despite their lack of trophies since the Americans’ takeover. Liverpool finished the 2008-09 season with their highest ever points tally in the Premier League on 86, the closest they have come to ending their title hiatus in over a decade. Although the owners were only their for a few months, the club also made it to a Champions League Final during their first year running the club. If the running of the club behind the scenes was as chaotic as reported in the media however, Liverpool would not be reaching finals and finishing as runners-up in the Premier League.

The club’s current owners have increased the club’s debt from around £50m when they took over to a whopping £237m. There is no getting away from these figures and the club’s debts remain the biggest concern amongst fans. Yet you look around the Premier League and the majority of sides are saddled with debt. Title challengers Manchester United are over £700m in debt, while both Chelsea and Manchester City rely on the backing of billionaire owners with bottomless pits of money. Even clubs such as Wigan, Sunderland and Fulham also benefit from unconditional loans from wealthy owners. Premier League clubs owe £3.5bn between them, making up 56% of the total debt in Europe.  Debt it seems, is the norm in English football’s top division. The only two Premier League clubs not currently in debt remain Manchester City and Chelsea, yet they are both running at a major loss each year.

Under the Americans the club also secured a sponsorship deal equal to the most lucrative in football history. The four-year agreement is worth £20m-a-year to the club and equals the agreement signed by Manchester United with Aon in June last year. This dwarfed the club’s previous deal with Carlsberg by an astonishing £13m-a-year, with the club profiting in a year just short of what they would have made with Carlsberg in four. The man responsible for the deal was Liverpool’s Commercial Director Ian Ayre, brought in by the Americans to help the club to finally start competing commercially as one of the most lucrative names in world football.

The Americans also broke the club’s transfer record during their first summer at the helm, securing a deal for Spanish sensation Fernando Torres for £20m. Striker Robbie Keane arrived the summer after for £18m, while Glen Johnson and Alberto Aquilani arrived last season for a combined £38m. Javier Mascherano was also brought in for a reported £18.6m in February 2008. Fans argue that the club’s net spend under the Americans has been considerably lower than in previous seasons yet the owners have still splashed the cash on big money signings and finalised complex deals for both Torres and Mascherano, something which the previous regime may have struggled to pull off.

Debt and the Premier League now comes hand-in-hand and Hicks and Gillett were left horribly exposed by the global financial crisis as they tried to fulfil their investment promises. However when the owners started to service their debt through the club, after promising not to, then they were never going to win back the support of the club’s fans.  Liverpool supporters are hoping the club’s new owners have the financial muscle to transform the club, but with investment comes more expectation and its own unique challenges. In truth the majority of Hicks and Gillett’s reign at Anfield has been an utter disaster. Debts, arguments and a lack of investment will sum up their time on Merseyside but there have also been some small positives along the way.

Like this article? Then follow this author by subscribing to his RSS feed or follow the latest Liverpool news on Twitter. Alternatively you can read some more articles below-

What did we learn about Liverpool at the weekend?

Reserve shake up could benefit Liverpool

Liverpool’s top 5 starlets vying to break trough this season

FootballFanCast General

Stay ahead in the world of football analysis, commentary, and fan insights with FootballFancast.

FootballFanCast General

Stay ahead in the world of football analysis, commentary, and fan insights with FootballFancast.

By subscribing, you agree to receive newsletter and marketing emails, and accept Valnet’s Terms of Use and Privacy Policy. You can unsubscribe anytime.

Torres’ decision a victory for the purists