Friday, October 15, 2010

Hicks Concedes Defeat! YNWA

Tom Hicks and George Gillett
have admitted defeat in their bid
to hold on to Liverpool as the
Royal Bank of Scotland rejected
the owners' pledge to pay off its
The American duo will now
pursue a damages claim of $1.6
billion for what they described as
an "epic swindle" and the path is
clear for New England Sports
Ventures (NESV) to take control
of the club.
A statement from Hicks and
Gillett's camp read: ''Hicks and
Gillett withdraw TRO (temporary
restraining order) blocking sale
of Liverpool Football Club. Action
prevents RBS from needlessly
putting Club into administration.
RBS rejected owners' pledge to
pay off all debts by October 15.
Attorneys say ludicrous, self-
serving and illegal behavior from
directors and outsiders to hinder
Club for years.
"It's an extraordinary swindle
and it will result in exactly the
wrong thing for the Club and the
Those were the words used by
attorneys representing Liverpool
Football Club owners this
morning when they announced
they would apply all of their legal
energies toward securing at least
$1.6 billion in damages they
expect will result from the
proposed illegal sale of the
Liverpool Football Club.
Attorneys also stated that
protracted litigation concerning
the Liverpool transaction will
now cause even more
uncertainty for the LFC.
"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 the
Liverpool owners.
"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
Stodghill said the owners have
no choice but to pursue every
legal avenue possible, and they
"Mr. Hicks and Mr. Gillett wanted
to position this club for the
future, but others have a
different agenda," said Stodghill.
"In truth, there is nothing
positive from these events for
Liverpool Football. That is exactly
the opposite of what my clients
wanted to achieve."

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