Liverpool Co - Owners Tom Hicks and George Gillett got an unprecedented public backing from the Royal Bank of Scotland over there line of credit and debt owed following a written explanation to fans that they are in good standing and “financially healthy”.

Via Gaurdian 

“The club does not suffer the burden of debt implied by a lot of the recent press reports and, in our view and that of the executive management of the club, it is financially healthy and able to service comfortably its debt obligations from cash flow generated by its playing and commercial activities,” the RBS explained. “It is in our commercial interest to support the club in the manner described above so that it can continue to perform successfully on and off the pitch.”

“We took great care when making our original loan in early 2007 and when refinancing it last January to distinguish between obligations of the club and obligations of its parent company, the latter being secured by personal guarantees and collateral from the owners and a pledge of the shares they own in the club,” added the bank.

The bailed-out bank has faced severe criticism from Liverpool supporters angered at plans to extend the Americans’ £350m credit facility with the RBS and Wachovia ahead of a 24 July deadline. Fans’ protests coincided with revelations that Hicks and Gillett’s parent company, Kop Football (Holdings) Limited, suffered a £42.6m loss for the year ending July 2008. However, in a response that effectively confirms the banks are content to refinance again next month, the RBS insists the club is “financially healthy”, able to meet its debt obligations “comfortably” and revealed it hopes to continue its relationship with Liverpool “for many years to come”.

Image via CEOWorld