Liverpool owners lose High Court case; club set to be taken over
Liverpool owners Tom Hicks and George Gillett have lost a case at the High Court, paving the way for New England Sports Ventures (NESV) to proceed with its takeover plans.
The American duo had attempted to oust managing director Christian Purslow and commercial director Ian Ayre in a bid to stop the sale from going through, but Mr Justice Floyd ruled that the pair did not
have the power to change the make-up of the board.
Though NESV are considered to be the front-runners, the club’s chairman Martin Broughton said that other offers may be considered.
"I am absolutely elated. It's a very important day for our club. It has been an anxious time but we have been confident. But when you go to court you can never be sure. This will clear the way for the
sale, we will have a board meeting this evening and proceed with the sale. We will re-establish the right basis for the club. The acquisition debt that has been plaguing us will be gone, we have a great future. We will get the right owners for the fans," said
Broughton.
Bank sought injunction
The Royal Bank of Scotland is the club’s largest creditor and with Liverpool due to settle their loan by the end of the week, the bank applied for an injunction to stop Hicks and Gillett replacing board
members and putting a halt to the sale proceedings. When the sale is completed, the bank will be able to recover the money owed.
Hicks and Gillett have also been denied the right to appeal the decision by Mr Justice Floyd and would have to work through the Court of Appeal for permission to do so.
NESV released a statement after the decision was revealed. It said that: “NESV welcomes today's High Court judgment, which is a huge step forward for Liverpool FC. NESV has a binding agreement in place
with the board of Liverpool FC and we are looking forward to concluding the deal. We are ready to move quickly and help create the stability and certainty which the club needs at this time. It is time to return the focus to the club itself and performances
on the pitch."
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