High Court ruling allows Liverpool sale to go ahead
The battle for the ownership of Liverpool has taken a new twist after the High Court deemed an American injunction preventing the sale of the club invalid in England.
The decision means that Liverpool can now be sold, with Boston Red Sox owner New England Sports Ventures (NESV) set to buy the club for £300m.
The Reds’ current owners, Tom Hicks and George Gillett, had taken out an injunction in Texas on Wednesday, October 13 in order to block the sale.
Fortunately, at the High Court on Thursday, Judge Christopher Floyd dismissed the ruling and sanctioned the impending takeover of the club after claiming that the American pair’s conduct was “unconscionable” and that the case had “no real connection to Texas”.
Hicks and Gillett now have until 1600 BST (1100 EST) on Friday to remove their injunction or else they will face contempt of court charges.
Americans set to lose £140m in takeover deal
Hicks and Gillett had been trying to stop the sale of Liverpool, as the NESV offer of £300m was only half the amount they had been seeking. If the takeover goes though, the duo will take a loss of around £140m on their investment in Liverpool.
NESV had been set to buy out Hicks and Gillett on Wednesday after the rest of the board members voted in favour of the deal. But the Americans tried to block the sale with a temporary restraining order taken out in Texas.
NESV may now complete the deal, although they will have to do so quickly, as there is a Friday deadline for £240m in loans to be repaid to the Royal Bank of Scotland. If the money is not repaid, the bank could take control of the club and place it into administration,
which would see Liverpool lose nine points in the English Premier League.
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