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Liverpool FC Vs HICKS (LFC SOLD) #435804
6th Oct 2010 8:47am
6th Oct 2010 8:47am

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zippy OP
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The board of Liverpool Football Club has agreed the Sale of the club to New England Sports Ventures (NESV), a statement on the official website confirmed today.
New England Sports Ventures currently owns a portfolio of companies including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Rousch Fenway Racing.
LFC Chairman Martin Broughton said: "I am delighted that we have been able to successfully conclude the Sale process which has been thorough and extensive.
"The Board decided to accept NESV's proposal on the basis that it best met the criteria we set out originally for a suitable new owner. NESV's philosophy is all about winning and they have fully demonstrated that at Red Sox.
"We've met them in Boston, London and Liverpool over several weeks and I am immensely impressed with what they have achieved and with their vision for Liverpool Football Club.
"By removing the burden of acquisition debt, this offer allows us to focus on investment in the team. I am only disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the Sale."
The statement also said the Sale is conditional on Premier League approval, as well as resolution of the boardroom dispute and other matters.


Read More http://www.liverpoolecho.co.uk/live...-ventures-100252-27411806/#ixzz11ZBkDodh

Last edited by _jase_; 16th Oct 2010 1:33pm. Reason: MERGED INTO ONE TOPIC
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Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #435808
6th Oct 2010 9:24am
6th Oct 2010 9:24am
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Brocks Offline
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Its not over yet....Hicks and Gillete are opposed and mounting a legal challenge to remove teh board. Get a life guys and give us a break!


_____________________________________________
Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: Brocks] #435811
6th Oct 2010 9:41am
6th Oct 2010 9:41am
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http://news.bbc.co.uk/sport1/hi/football/teams/l/liverpool/9064599.stm

Quote
Earlier Hicks and Gillett tried to sack managing director Christian Purslow and commercial director Ian Ayre in a last-ditch bid to keep control of the club.

In an attempt to block any Sale and regain control of the crisis-hit club, Liverpool's much criticised owners tried to replace Purslow and Ayre with Hicks's son, Mack Hicks, and Lori Kay McCutcheon, a vice president at Hicks Holdings.

606: DEBATE
Have your say on the takeover

Hicks and Gillett are understood to have argued that the club's English directors were not acting in the best interests of Liverpool and that the NESV bid - as well another undisclosed offer from Asia - "dramatically undervalued the club".

Purslow, Ayre and chairman Martin Broughton are now consulting lawyers over whether they can resist the owners' attempts to replace them and force through a sale.


_____________________________________________
Re: Liverpool FC Vs HICKS (LFC SOLD) #436559
11th Oct 2010 3:32pm
11th Oct 2010 3:32pm

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_jase_ OP
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LFC Vs HICKS TOMORROW 12/10/10



THE showdown to decide the future of Liverpool FC begins tomorrow.

Royal Bank of Scotland is seeking to prove that American owners Tom Hicks and George Gillett did not act legally when they attempted to reconfigure the Anfield board last week.

The case will be heard in the High Courtís Chancery division tomorrow Court Room 18. Kick-off 10.30. Ref - Mr Justice Floyd



Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #436560
11th Oct 2010 3:42pm
11th Oct 2010 3:42pm
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SpecialK Offline
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Just boot them out of the league is what I say

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: SpecialK] #436561
11th Oct 2010 3:55pm
11th Oct 2010 3:55pm

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_jase_ OP
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a bit more info of sky sports news.


Liverpool have agreed a sale to New England Sports Ventures, but the deal is being opposed by current co-owners Tom Hicks and George Gillett.



Fear

Hicks and Gillett dispute whether Reds chairman Martin Broughton had the power to accept the offer from NESV against their wishes.

The row centres on whether Liverpool's board - chaired by City veteran Broughton - had the power to accept an offer from NESV.

However, Broughton insists he had the right to sell the club to NESV as Hicks and Gillett had signed agreements not to oppose the Sale when they received an extension to their refinancing deal with Royal Bank of Scotland earlier this year.

The Premier League is understood to be ready to approve the Sale and, if the NESV deal goes through, Hicks and Gillett stand to lose a total of £144million.

It is feared, however, if Hicks and Gillett win the High Court battle, that Liverpool could be placed into administration and docked nine points if RBS decide to call in the £237m acquisition debt owed, due for payment in full on Friday 15th October.


SKY SPORTS NEWS

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #436563
11th Oct 2010 4:11pm
11th Oct 2010 4:11pm

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_jase_ OP
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A bit more info...........


The Royal Bank of Scotland have won an interim injunction preventing Liverpool co-owners Tom Hicks and George Gillett from firing chairman Martin Broughton and two other board members.

As the ownership row at Anfield prepares to go to the High Court on Tuesday RBS have revealed they have won an injunction that prevents the American owners from sacking independent chairman Broughton, managing director Christian Purslow and commercial director Ian Ayre.


Hicks tried to remove Purslow and Ayre from Liverpool's board last week after the duo along with Broughton agreed the club's club to New England Sports Ventures

The deal is being opposed by Hicks and Gillett who have brought the case to the High Court to try and prevent the Sale to NESV.

RBS, which holds the bulk of Liverpool's debt is claiming "breach of contract" and says it obtained an interim injunction ahead of a further hearing on Tuesday at London's High Court.

RBS said in a statement: "RBS in its capacity as lender to the Kop group of companies received the benefit of various contractual undertakings from Mr Hicks and Mr Gillett in relation to the corporate governance arrangements that Mr Hicks and Mr Gillett agreed would apply to the Kop group of companies with effect from April 2010.

"Those undertakings provided for the appointment of Mr Broughton as chairman of the board and the appointment of the chief executive and commercial director of LFC to the Kop boards.


Prevented

"As is well known Mr Hicks and Mr Gillett purported to make changes to those corporate governance arrangements on 4 October. This was in breach of those contractual undertakings.

"In light of that purported breach of contract RBS sought and obtained on Friday 8 October 2010 an interim injunction against Mr Hicks and Mr Gillett until a further hearing scheduled for tomorrow.

"Among other things, that interim injunction prevents Mr Hicks or Mr Gillett taking any steps to remove or replace Mr Broughton from his position as chairman of the board of the Kop companies or from taking any other steps to appoint or remove any directors from the board of the Kop companies."

Broughton insists he had the right to sell the club to NESV as Hicks and Gillett had signed agreements not to oppose the Sale when they received an extension to their refinancing deal with Royal Bank of Scotland earlier this year.

The Premier League is understood to be ready to approve the Sale and, if the NESV deal goes through, Hicks and Gillett stand to lose a total of £144million.

It is feared, however, if Hicks and Gillett win the High Court battle, that Liverpool could be placed into administration and docked nine points if RBS decide to call in the £237m acquisition debt owed, due for payment in full on Friday 15th October.



SKY SPORTS NEWS

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #436573
11th Oct 2010 4:53pm
11th Oct 2010 4:53pm

P
PaulWirral OP
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Throw this one into the wash..

Liverpool to receive new bid from Singapore billionaire

The bidding contest for Liverpool FC may not be over, the BBC can reveal.

The runner-up in the contest, Peter Lim, a Singapore billionaire, is to approach Liverpool's board with a view to making a higher offer for the club.

According to sources close to Mr Lim, he was the club's preferred bidder in the closing stages of the auction.

He had talks with Liverpool's chairman about how to announce his takeover, such was the apparent confidence that he would win the contest.

'No loans'

Mr Lim learned he was not the victor only a few hours before the club's chairman, Martin Broughton, announced on 6 October that Liverpool would be sold to John Henry's New England Sport Ventures for £300m.

Mr Lim, who is being advised by the British firm of lawyers Macfarlanes and by the Wong Partnership of Singapore, still does not know why Mr Broughton went with New England Sports Ventures, owners of the Boston Red Sox.

He believes that in purely monetary terms, his offer was at least as attractive as Mr Henry's.

Mr Lim, too, was offering to repay all of Royal Bank of Scotland's and Wachovia's £200m of long-term debt, to take on £60m of other debt and to inject £40m of working capital.

What's more - and Mr Lim regards this as crucial - all the money being provided by him would come from his own cash resources. He is not planning to borrow any of it.

I understand he is also offering to provide tens of millions of pounds to Liverpool's manager, Roy Hodgson, to allow him to buy players when the transfer window opens in January.

According to executives close to Mr Lim, he was told by Mr Broughton that his ability to fund the takeover for cash, and the size of his cash resources, meant he was a more attractive owner than New England Sports Ventures.

Mr Lim was told that Liverpool's board was concerned that New England Sports Ventures would have to borrow to finance the takeover - raising questions about whether Liverpool really would break free from the financial shackles perceived to have been imposed by the current owners, George Gillett and Tom Hicks.

In the event, New England Sports Ventures have insisted it will not load up Liverpool FC with debt.

But there are no guarantees that there will not be significant debt further up the corporate ownership structure of New England Sports Ventures - which could limit how much money Mr Henry and his colleagues can inject into Liverpool in the future.

Mr Lim is keeping a close eye on the court case, which starts on Tuesday.

The case is supposed to rule on whether Mr Broughton can sell Liverpool to New England Sports Ventures against the wishes of Mr Hicks and Mr Gillett.

The Singapore billionaire believes the judgement in that case may give him an opportunity to bid again, whatever Mr Broughton may wish.

Business empire

Mr Lim is also prepared to buy Liverpool, should it ultimately collapse into administration under UK insolvency procedures.

According to sources close to him, he feels that he may have been shut out because New England made an offer to Royal Bank of Scotland to pay some of the £40m penalty fees the banks have demanded.

If that is the case, he believes Royal Bank may have done a poor deal, because he would be prepared to pay RBS and Wachovia more than the £10m or so which New England Sports Ventures is said to have put on the table.

"He never had a chance to negotiate directly with Royal Bank [of Scotland]," said a source. "He was expecting to do so, after agreeing the takeover with the board."

Mr Lim has an estimated net worth of $1.6bn (£1bn), according to Forbes Magazine.

He made his fortune in fashion, logistics and agri-business.

His interest in English football stems from his ownership of several Manchester United themed bars in Asia - which have persuaded him that there is huge global potential for making money from top-flight English football.

Meanwhile, Royal Bank of Scotland announced on Monday afternoon that it had obtained an injuction to prevent Liverpool owners Tom Hicks and George Gillett from sacking Martin Broughton or any other of the club's board members ahead of Tuesday's court case.

Source

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #436577
11th Oct 2010 5:10pm
11th Oct 2010 5:10pm
Joined: Aug 2004
Posts: 22,315
Moreton/Beirut/Mobile
MattLFC Offline
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I hope RBS take over, and Hicks loses all his money invested in the club. I don't really care about the possible points deduction (which may or may not happen given the legalities and the fact the club is still fully-solvent) so long as Hicks (and Gillett, though to be honest I don't has as much of an issue with hime) is ousted for once and for all. Im praying this sorry, pathetic situation is resolved by November, so we can at least have a chance of sorting the team out and get back to some sort of normality for 2011. Hopefully, it wont be too late, so we can at least stand some chance of European football next season.

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: MattLFC] #436652
12th Oct 2010 10:47am
12th Oct 2010 10:47am
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Posts: 12,002
Wirralshire
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Im fed up of hearing about it on the news now frown


What If There Were No Hypothetical Questions?
Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: StuyMac] #436655
12th Oct 2010 11:10am
12th Oct 2010 11:10am

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_jase_ OP
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Are well lots more to come too. wink

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #436670
12th Oct 2010 12:45pm
12th Oct 2010 12:45pm
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Brocks Offline
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I've been following the arguements live from court here:


http://www.guardian.co.uk/football/...nry?showallcomments=true#end-of-comments

Its not as clear cut as the board were saying. Making for interesting reading. I have a feeling the red socks Sale may be nullified by the actions of the board who didn't keep the shareholders fully informed.

I also didn't realise that Gillett lost his stake in the club two years ago when he failed to pay a loan to Mill. So the case is RBS vs Hicks and Ors not Gillett.


_____________________________________________
Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: Brocks] #436798
13th Oct 2010 9:49am
13th Oct 2010 9:49am

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_jase_ OP
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BREAKING NEWS: High Court rule in favour of RBS, against Hicks and Gillett.

Yerrrrrrrrr. bananalove

Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: ] #436799
13th Oct 2010 9:51am
13th Oct 2010 9:51am
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Brocks Offline
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Damn Too Slow!

Judge rules against H&G, which means NESV deal can proceed.

JUDGE RULES MANDATORY INJUNCTION WANTED BY RBS AGAINST OWNERS IS GRANTED: Sale CAN GO AHEAD


_____________________________________________
Re: Liverpool FC Vs HICKS (LFC SOLD) [Re: Brocks] #436803
13th Oct 2010 9:58am
13th Oct 2010 9:58am

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_jase_ OP
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It's not yet known whether Hicks and Gillett intend to appeal.

Judge Justice Floyd: 'Owners do not have a right to veto the Sale'

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