Liverpool FC refinancing deal sealed

Liverpool Football Club's American owners, Tom Hicks and George Gillett, are set to announce they have a sealed 350 million pounds ($685.4 million) refinancing deal, a city source told Reuters on Friday.

"It has been finalised and an announcement is imminent," the source said.

Hicks and Gillett, who bought the Premier League soccer club 11 months ago for 220.0 million pounds, have been organising the deal with banks Royal Bank of Scotland and Wachovia.

The agreement will allow them to refinance their original deal, repay loans taken out to buy players last year and to begin work on a new stadium.

While the Americans were negotiating with the banks, there was also widespread speculation that Dubai Investment Capital, the investment arm of the Dubai government, outbid when Hicks and Gillett bought the club last year, was considering a renewed bid.