Liverpool loan 'to be refinanced'

Liverpool Football Club is close to renegotiating its debt with the Royal Bank of Scotland according to the BBC.

The American owners Tom Hicks and George Gillett have been told the debt, due to be repaid in July, will now be refinanced.

The BBC says RBS will insist on significant payments in the subsequent six months.

It is good news for the Anfield club, which owes £350m to two banks. There had been fears that the loan would not be refinanced, causing the club huge financial difficulties.

Yet while RBS has agreed to refinance their loan, the other bank Liverpool owe money, Wachovia, is yet to make a decision.