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...even the biggest clubs cannot escape financial pressures completely. KPMG, auditors for the parent company of Premier League runners-up Liverpool, warned in accounts published last week that the firm's need to refinance some $575 million in bank loans - debt stemming from the club's 2007 takeover by American investors - amounted to "a material uncertainty which may cast significant doubt on the group's and parent company's ability to continue as a going concern." A deal to roll over the debt is likely; as a storied and well-supported club, Liverpool generates healthy revenues and profits. But difficulty...

Author: /time Magazine | Title: Recession? Spanish Club Pays $130M for Ronaldo | 6/11/2009 | See Source »

...Here was my whole world: home, school, the movies and God." Begin with the movies, for they taught young Terry that there was a glamorous land, far from working-class Liverpool, where dreams came true. "At seven," he says, "I saw Gene Kelly in Singin' in the Rain, and discovered the movies, loved them and and swallowed them whole. ... Musicals, melodramas, westerns: Nothing was too rich or too poor for my rapacious appetite, and I gorged myself with a frequency that would shame a sinner." But he wasn't a sinner; he was a convert to the platonic ideal Hollywood...

Author: /time Magazine | Title: Of Time and the City: Terence Davies' Liverpool Memories | 5/12/2009 | See Source »

...world rule, faced shortages of food, gasoline, all earthly essentials. The grinding deprivation of this grim landscape is superbly evoked by David Thomson, another movie-mad poet, in Try to Tell the Story, his new memoir of growing up in London around the same time as Davies in Liverpool. Davies shows a righteous class contempt for the excesses of Britain's "fossil monarchy," such as "the Betty and Phil Show," his phrase for the marriage of Prince Philip to Elizabeth II. "Even more money was wasted on her coronation... whilst in England's green and pleasant land the rest...

Author: /time Magazine | Title: Of Time and the City: Terence Davies' Liverpool Memories | 5/12/2009 | See Source »

...Anyone so deeply indebted to his youth will naturally be suspicious of change. In the '60s, the Beatles made Liverpool the world's pop-cultural Mecca, yet Davies sees "John, Paul, George and Ringo: as "not so much a musical phenomenon, more like a firm of provincial solicitors." The smooth crooners of the previous decade quickly faded, "the witty lyric and the well-crafted love song seeming as antiquated as antimacassars or curling tongs." As an appraiser of public buildings he is no less a conservative than Prince Charles. Davies rails against the New Brutalism, a style that incarcerated generations...

Author: /time Magazine | Title: Of Time and the City: Terence Davies' Liverpool Memories | 5/12/2009 | See Source »

...Bible, the central character says, "If you were different from anybody else in town, you had to get out." In one sense, Davies escaped his youth; in another, he keeps returning. And his imaginative understanding of it hits the viewer, even one who's never visited or cared about Liverpool, with the shock of recognition. Among the many snatches of poetry and pop songs in the film are these lines from T.S. Eliot's Little Gidding: "We shall not cease from exploration, and the end of all our exploring will be to arrive where we started and know the place...

Author: /time Magazine | Title: Of Time and the City: Terence Davies' Liverpool Memories | 5/12/2009 | See Source »

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