Benitez Snubs £12million Liverpool Offer

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Liverpool manager Rafa Benitez has snubbed the Merseyside clubs initial £12million offer on a new deal at Anfield, with the former Valencia coach understood to be holding out for parity in financial terms with the other manager’s of the ‘Big Four’ clubs in the Premier League, according to The News of the World.

The initial offer was believed to be a two-year extension to Benitez’s current contract at Liverpool, which runs out in 2010, with his annual salary to rise from £3.5million to just under £4million for the remainder of his time at the Reds.

However, Benitez has turned down this offer, with the Spaniard wanting his new deal to match those of Arsene Wenger at Arsenal and Manchester United boss Sir Alex Ferguson, who both reportedly earn in the region of £4.5million a year.

American co-owner’s Tom Hicks and George Gillett are arguing that Benitez has not won a trophy for Liverpool since his last contract renewal in 2006, with the wages Benitez is demanding proving to be a major stumbling block in thrashing out a deal to extend his four-year stay on the Red half of Merseyside.

Benitez has always insisted that he wishes to remain at Anfield and is understood to want a five-year deal at Liverpool, but his initial refusal at the two-year contract on offer, will alert La Liga Champions Real Madrid, who want to bring Benitez back to Spain at the Bernabeu. Where the Spaniard started his coaching career spending nine-years in charge of the Real Madrid youth and B teams.

Banks To Reposses Liverpool As Reds Face Financial Meltdown?

Premier League club Liverpool are on the brink of financial meltdown if they cannot refinance the £350million loan owed to the bank or pay the amount off in January, according to Keith Harris the person at the centre of several takeover deals in the Premiership.

Harris has expressed concerns that unless the Merseyside club can repay or get a six-month extension to the loan due in January. Then there is even the possibility of Anfield being repossessed by the banks that the loan is owed to in light of the recent credit crunch.

The Reds American co-owners Tom Hicks and George Gillett Jr owe a reported £350million to two banks, the Royal Bank of Scotland and Wachovia, both of which have suffered in the current financial climate, with Harris believing that Liverpool will have to cash in on some of their star players like Steven Gerrard, Fernando Torres and Robbie Keane in order to balance the books at Anfield or face being repossessed in the worst case scenario.

Harris has also revealed that it is very much a buyers market in terms of selling clubs, with potential investors not so ready to part with their money to own a Premier league club.

“The one that worries me is Liverpool. It has never been more difficult to find buyers,” Harris said.

“It's no longer a question of price negotiation - it's should we? People are wondering if now is the time to spend.

“Liverpool's debt is due in January, with maybe a six-month extension.

“The two banks which are the principal lenders - the Royal Bank of Scotland and Wachovia - are two of those that have suffered. Whether they want to lend it again or not, they may not be able to.”

Liverpool Boss Benitez Reveals New Deal Talks

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Liverpool manager Rafa Benitez has revealed that initial talks have started with American co-owner’s Tom Hicks and George Gillett Jr over an extension to his current deal at Anfield.

Benitez is currently under contract at the Merseyside club until 2010, with the former Valencia coach, who has been at the Reds since 2004 insisting that he is intent on staying at Liverpool.

Hicks, is understood to have called the Spaniard to get the ball rolling, with talks with Benitez and his advisors scheduled to start within a week.

“I received a phone call from Tom Hicks on behalf of George Gillett also. They are talking about a meeting with my advisors and a contract extension. This is very positive news,” Benitez said.

“We decided to meet in the next week and now my advisors are in contact with them. We haven't spoken about the length of the contract but we talked and we all want to find a solution as soon as possible.

“For me it's easy. I want to stay here - I am where I want to be. It's very simple. My family and I know how good the fans have been with us. The club is going forward and we have the new stadium project. There are a lot of positive things.

“I want to stay here for a long time. Clearly I would like to be here when the new stadium opens. The other day I was joking that if they offered me a 20-year contract I'd be really pleased."

“The team is in a very good position, so if I do not have to talk about my contract from now on it will be perfect.

“The last two or three press conferences I have been asked and asked, so the stability is really important. The owners know we are doing well. The atmosphere is really good, we are at the top of the league and our Champions League group. The team is playing well.”

Hicks and Gillett have also released a statement praising Benitez for his efforts and claiming that they are looking forward to extending his four-years at the Premier League.

A statement on behalf of Hicks and Gillett read: “Rafa continues to do a great job, we are really pleased with the progress of the team and we look forward to talking to him and his advisors about extending his contract.”