Liverpool this morning announced that the club board has approved the sale of the club to New England Sports Ventures, owners of the Boston Red Sox.
Any deal will be subject to a protracted legal battle after current owners Tom Hicks and George Gillett moved to sack chairman Martin Broughton and his colleagues.
The deal, which values the club at £300m, has been rejected by Hicks and Gillett, who believe it âdramatically undervaluesâ the club. In a statement released early this morning they made it clear that they will not approve a sale until their valuation is met.
The clubâs ownership will now be determined by legal action, with both sides having engaged lawyers to determine whether the non-owner directors on the board have the power to sell the club without the Americansâ approval.
Crucial to the outcome will be the attitude of Royal Bank of Scotland, whose £280m loans to Hicks and Gillett become due on October 15.
In a statement the club said: âLiverpool Football Club today announces that the Board has agreed the sale of the Club to New England Sports Ventures (NESV).
âNew 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.
The sale is conditional on Premier League approval, resolution of the dispute concerning Board membership and other matters.
Martin Broughton, Liverpool FC Chairman, 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.
Link and full story: http://www.telegraph.co.uk/sport/fo...rs-of-Boston-Red-Sox-subject-to-approval.html
Any deal will be subject to a protracted legal battle after current owners Tom Hicks and George Gillett moved to sack chairman Martin Broughton and his colleagues.
The deal, which values the club at £300m, has been rejected by Hicks and Gillett, who believe it âdramatically undervaluesâ the club. In a statement released early this morning they made it clear that they will not approve a sale until their valuation is met.
The clubâs ownership will now be determined by legal action, with both sides having engaged lawyers to determine whether the non-owner directors on the board have the power to sell the club without the Americansâ approval.
Crucial to the outcome will be the attitude of Royal Bank of Scotland, whose £280m loans to Hicks and Gillett become due on October 15.
In a statement the club said: âLiverpool Football Club today announces that the Board has agreed the sale of the Club to New England Sports Ventures (NESV).
âNew 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.
The sale is conditional on Premier League approval, resolution of the dispute concerning Board membership and other matters.
Martin Broughton, Liverpool FC Chairman, 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.
Link and full story: http://www.telegraph.co.uk/sport/fo...rs-of-Boston-Red-Sox-subject-to-approval.html
