Kieran Maguire drops verdict on '£20m' Liverpool development no-one saw coming
A £20million debt for subcontractors at Anfield is ‘not a problem’ that Liverpool will have to solve.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that the Merseyside club will be ‘sympathetic’ towards the situation but not responsible for it.
Reports state that debts on the Anfield Road expansion project are around £20million following the collapse of the Buckingham Group.
The Buckingham Group were appointed as the contractors for Liverpool’s stadium expansion, but the Reds were forced to delay construction after they filed for administration.
Liverpool have since appointed Rayner Rowen to complete the project, and the club stated that they “will seek to engage as many of Buckingham’s existing sub-contractors going forward”.
Maguire believes Liverpool may help handle the cash flow of subcontractors in order to get their Anfield project back on track.
“Ultimately, it’s not a problem for Liverpool that debts could grow up to £20million – it’s more to do with the Buckingham Group,” Maguire told Football Insider’s Sean Fisher.
“It’s now down to the subcontractors and whether they want to walk off-site, but that would mean they’re not paid at all.
“Liverpool will be sympathetic and it could be that they’re able to be positive with regards to the cash flow for some of these subcontractors.
“That could provide a boost for all parties.
“It could motivate the subcontractors to accelerate work on the stadium which in return would give Liverpool a stadium with a capacity of 60,000 for their fans to attend.“