Wednesday, October 13, 2010

NESV-Liverpool Takeover On Fast Track Now

George Gillett and Tom Hicks
look set to be on their way out
of Anfield, with a High Court
ruling giving Liverpool power to
push through a takeover.
The American duo, who have co-
owned the Reds since 2007,
have been reluctantly forced to
concede that they cannot block a
£300million bid from New
England Sports Ventures.
NESV, who own the Boston Red
Sox and are fronted by John W
Henry, saw a formal offer
accepted by the Liverpool board
against the wishes of Hicks and
With that offer set to see them
make a sizeable loss on their
investment, the Reds' co-owners
attempted to disrupt
proceedings and retain their
stranglehold on the Merseyside
However, their efforts to remove
high-ranking members of the
board proved fruitless and it
quickly became apparent that
they were fighting a losing battle.
Taking the matter to the High
Court was Hicks and Gillett's last
chance to stave off a sale they
did not sanction and ensure they
continued to hold power at
Those efforts have been in vain,
though, as Mr Justice Floyd has
given Liverpool chairman Martin
Broughton the go-ahead to sell
the club.
He sided in favour of the Royal
Bank of Scotland, who are owed
over £230m by Hicks and Gillett
following their takeover.
The deadline for repayment on
that loan was set at Friday, with
fears raised that Liverpool could
be docked nine points were the
debt not settled and the club's
holding company, Kop Holdings,
were forced into administration.
That situation will be avoided
should a takeover agreement
with NESV now be put in place,
with Henry making it clear that all
outstanding debts will be cleared
should he assume control.
There is, however, still a chance
that a rival bid from Singapore
billionaire Peter Lim could be
He has vowed to stump up
£320million in cash to get the
club back on an even keel, with
£40m available for players in the
January transfer window.
The saga could rumble on for
some time yet, though, as it
remains to be seen whether
Hicks and Gillett will appeal the
High Court ruling.

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