US company NESV completes purchase of Liverpool

"American company New England Sports Ventures has completed its takeover of Liverpool Football Club.

 

New England Sports Ventures are on the verge of owning Liverpool

 

The move comes after former owners Tom Hicks and George Gillett removed the temporary restraining order blocking the £300m sale on Friday morning.
"I am proud and humbled," said NESV head John W Henry. "I can't tell you how happy I am. We're here to win."
Hicks and Gillett, however, have vowed to pursue £1bn in damages from the club, arguing the deal is "illegal".
The American pair say they will "pursue every legal avenue" to claim damages for what they believe is an "extraordinary swindle".
Still, there was an air of relief as news of NESV's completed purchase emerged - a move that will allow major creditors Royal Bank of Scotland to be paid the £237m it is owed on Friday.
That, in turn, means Liverpool's holding company is unlikely now to be put into administration, a move which could have resulted in a nine-point penalty in the Premier League.

"This outcome not only devalues the club but it also will result in long-term uncertainty " The lawyer representing Tom Hicks & George Gillet

Henry, facing a media scrum outside the law offices of Slaughter and May in central London, added: "We're going to do a lot of listening, we have a lot to learn, and we'll walk this path together [with the fans].
"We're here to win - we have a tradition of winning - so we will do whatever is necessary to reach that aim."
Former owners Hicks and Gillett had earlier lifted the restraining order blocking the club's sale earlier on Friday, but not so that the current board could complete a deal with NESV.
Hicks was believed to be negotiating the sale of his shares with US hedge fund Mill Financial, who already own Gillett's shares after he defaulted on a £75m loan from the Royal Bank of Scotland in August.
But the Premier League rejected Mill's requests to undergo a fit and proper person test on Thursday, saying it could only negotiate with the Liverpool board.
The board - comprising chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre as well as Hicks and Gillett - had already accepted a bid from NESV by three votes to two for them to become the club's new owners.
NESV, who own the Boston Red Sox baseball team in the United States and are owned by John W Henry, will now gain control over the Anfield outfit.
But Hicks and Gillett, who gave up hope of holding on to Liverpool at a court in Dallas on Friday, will not give up without a fight, saying they will sue for at least £1bn.

LIVERPOOL OWNERSHIP TIMELINE 16 April: Club put up for sale by Hicks & Gillett 4 October: Club receive two "excellent bids", one from NESV, one from Asia 5 Oct: Hicks & Gillett seek to remove Purslow & Ayre from Liverpool board 6 Oct: Board agrees to sell club to NESV for £300m 8 Oct: Premier League clears NESV to continue with takeover 12 Oct: Hicks & Gillett lawyers admit breach of RBS contracts by trying to sack board members 13 Oct: High Court rules against Hicks & Gillett, allowing NESV sale 13 Oct: Hicks and Gillett gain restraining order on the sale in Texas court 14 Oct: High Court rules Hicks & Gillett injunction is ineffective 14 Oct: New hearing begins in Dallas, adjourned until Friday

Steve Stodghill, the Texas lawyer representing Hicks and Gillett, added: "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.
"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."
Hicks and Gillett have continuously sought to prevent the purchase of the club they bought in 2007 for £174m, holding the view that Liverpool is worth much more than the £300m NESV offered.
It looked as though the prospect of it going down to a final day on Friday might be avoided after the latest High Court ruling on Thursday when Mr Justice Floyd issued an anti-suit injunction that rendered Hicks and Gillett's temporary restraining order, which they put in place to try and prevent a sale taking place, ineffective.
But Hicks and Gillett eventually withdrew their restraining order on Friday morning as it became clear Mill Financial would not be able to become Liverpool's new owners.
Liverpool, who face Everton at Goodison Park on Sunday, are in the bottom three in the Premier League table after picking up only six points from their opening seven games."

BBC