Ever since the controversial American take-over of Liverpool FC by George Gillett and Tom Hicks, the Spion Kop faithful were up in arms – at least a large proportion of them. Liverpool, a financially healthy club, has been dragged into a bog of debt ever since the takeover and the supporters are unhappy that the Americans have used the club for a refinancing deal that has seen Anfield ridden with debt.
 
Hence the establishment of the Supporters groups Spirit of Shankly and ShareLiverpoolFC which have released a new joint proposal to buy Liverpool from the Americans and give the club back to the supporters.
 
Initially the plans put forward by Spirit of Shankly (SOS) and SLFC aimed to raise 500 million pounds sterling from 100 000 supporters who would pay 5000 pounds each for a single share. However many supporters who backed the idea and were in favour of the proposal simply could not afford the price of the share, even if they wanted to participate.
 
Subsequently, the ‘entry fee’ has been slashed from 5000 to 500 pounds sterling, which is believed will significantly boost participation from a much broader base of supporters.
 
According to the press statement released by www.shareliverpoolfc.co.uk/ on the deadline when the American owners were to complete the refinancing of the debt, the two key supporters’ groups initiated their new scheme in a bid to thwart the refinancing.
 
"With the new price of 500 pounds a share, the aim is to acquire a 60 per cent stake in the club by raising 150 million pounds sterling while seeking a "commercial partner" to invest the remaining 100million for a 40 per cent stake" the statement reads.
 
"This is a realistic plan that squares the circle: How to relieve the level of debt, by offering Liverpool fans an affordable entry fee and a chance to get a modest return for their additional financial support. Now we need all those Liverpool fans to carefully consider the proposals in detail on our website – and let us know what they think".
 
Meanwhile, a Spirit of Shankly spokesperson said: "This new proposal is a sound, sensible and workable plan which offers the only real solution for the Club: long term financing that isn’t supported by short term – and expensive - bank debt. The new proposal can do precisely that."
 
The American owners of Liverpool however are adamant that the refinancing of the club should continue. It is likely that a deal will be put forward with the RBS & Wachovia which will extend the credit line to the current owners, something opposed by the Liverpool supporters as a "short term solution"
 
According to the BBC, "the club was close to renegotiating its debt with the Royal Bank of Scotland - one of the two banks to which it owes money".

The financial debacle for Liverpool reached high crisis when in June 2009, the parent company of the club, owned by Tom Hicks and George Gillett, lost in excess of 42.6 million pounds sterling in the year to August 2008 in addition to the preciously accumulated debts.
 
Currently, Liverpool Football Club owes two banks a total of 350 million pounds.