New England Sports Ventures to complete takeover of Liverpool FC
Liverpool Football Club will be sold to New England Sports Ventures [NESV] by the end of the day after Reds owners Tom Hicks and George Gillett finally accepted defeat in their ongoing battle to hold on to the club.
NESV and their owner John W Henry are prepared to meet the Royal Bank of Scotland’s (RBS) deadline to repay the majority of the club’s debt – around £240million – by the end of the day, and subsequently will succeed the unpopular Hicks and Gillett as the owners of Liverpool.
The American duo’s temporary restraining order on the sale of the club to NESV – who also own baseball team the Boston Red Sox – was lifted by a Texan court today, with Dallas’ Judge Jim Jordan adding to the ongoing criticism of the pair by ruling that: “Hicks and Gillett have demonstrated record of gamesmanship in these proceedings and those in England.”
The duo will now pursue a claim for £1billion in damages from the club for what they call an “extraordinary swindle”, but there is little sympathy for the pair from the football world after some quite staggering displays of arrogance during their three-and-a-half years at the helm of the Anfield club, arrogance that is still apparent even to the end.
“This outcome not only devalues the club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued,” said Steve Stodghill, the Texas attorney representing Hicks and Gillett.
“Mr Hicks and Mr Gillett pledged to pay the debt to RBS so that the club could avoid administration that was threatened by RBS. That offer was rejected. It is a tragic development that others will claim as a victory. This means it won't be resolved the way it should be resolved.
“My clients worked tirelessly to resolve these issues but RBS would not listen to any reasonable solution and the directors acted selfishly and illegally. Mr Hicks and Mr Gillett wanted to position this club for the future, but others have a different agenda.
“In truth, there is nothing positive from these events for Liverpool Football Club. That is exactly the opposite of what my clients wanted to achieve.”
The fact that this is the exact opposite of what Hicks and Gillett wanted to achieve ensures that it will be wildly celebrated by Liverpool supporters, many of whom have campaigned for the removal of the pair ever since it became apparent that they had heaped masses of debt upon the club when they took over in March 2007.
The duo had launched a legal battle at what they saw as an undervaluing of the club by the rest of the Reds board, with Hicks in particular becoming obsessed with the value that the respected American publication Forbes magazine placed upon Liverpool – around £513million. However, it was later revealed that Forbes had not taken into account the debts that were heaped upon the club by their owners. NESV are expected to pay around £300million for Liverpool.
The club and their new owners are expected to announce the sale imminently.
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