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[fertieg49]

Here’s the truth of it:,[link widoczny dla zalogowanych]
2. What about debt? You’ve completely ignored that.


3. Don’t talk to us about ‘dishonest’. We know all about honesty from your pals.
[link widoczny dla zalogowanych]
The New York Times reported this morning that with past potential buyers of Liverpool valuing the English soccer club between $600 million and $1.3 billion,[link widoczny dla zalogowanych], a Texas court essentially ruled yesterday that the New England Sports Ventures purchase price of $400 million is too low. The court is correct. In our annual soccer team valuations in April Forbes valued Liverpool at $822 million, and a month ago I wrote that the club’s debt crunch could mean Tom Hicks and George Gillett might have to unload the team for as little as $700 million. Liverpool’s debt situation has become more dire the past month and Singapore billionaire Peter Lim is no longer interested in the club. Still, using average revenue and exchange rates for the past five years, and a conservative multiple of revenue of 2.5, places an enterprise value of $675 million on Liverpool. For Hicks and Gillett to get less than that would be dishonest from a valuation standpoint.
More on Forbes Right Now Related streams Business SportsMoney Business, SportsMoney, byline=Mike Ozanian
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1. Multiple of x2.5 is far too high. G&H bought at x1.8