Fresh doubts have been raised over Liverpool co-owner Tom Hicks’ ability to fund the club’s proposed new home in Stanley Park following a shock decision to delay the building of a stadium in Texas.
Hicks has admitted he has been unable to secure financing for the Glorypark mixed-use development in Arlington, Texas that was scheduled to open in March 2010.
The £500m dollar venture has been put on hold because of the credit squeeze and troubled retail market.
Hicks said in an interview with the Dallas Morning News: “We are in the most difficult credit crunch I have seen the last 20 years.”
That revelation will give more hope to prospective buyers of Liverpool, Dubai International Capital, who have long believed Hicks – and his estranged co-owner George Gillett – have found it virtually impossible to raise further loans to facilitate the move from Anfield.
It is believed Hicks must find funding over the next few months to build the club’s new £350m stadium.
However, if his Hicks Holdings group have been unable to find the cash in the current market for their Arlington plans, critics in the UK will wonder how the money for the move will be raised in the current financial climate.
Hicks’ announcement over the Arlington stadium comes a week after a Dallas hotel project in which he is also involved was delayed.
Construction was scheduled to start this spring on the Glorypark project adjacent to the Texas Rangers Ballpark in Arlington, and close to the Dallas Cowboys new $1.1bn (€6.4m) stadium.
Hicks owns the Rangers baseball club as well as the Dallas Stars ice hockey team.
The completion of Glorypark, which would have included restaurants, retail, residential and office space, had been delayed at least twice previously.
Last week, Liverpool gained their third planning permission for the revised Stanley Park scheme.
Hicks said at the weekend: “Site work will start in September and actual construction in late October/early November, with completion in time for the season starting in August 2011.”