Hicks & Gillett reluctant to sell as boardroom battle heats up
The past 24 hours have been very lively in Liverpool, as the club announced it has agreed to sell to New England Sports Ventures (NESV). The company, headed by John W Henry, are current owners of the American baseball team the Boston Red Sox. The deal is reported to be worth about £300million. This has caused a lot of anger by current owners’ Tom Hicks and George Gillett.
John W Henry, the owner of New England Sports Ventures
Yesterday evening, an official Liverpool FC statement stated that Hicks and Gillett attempted to remove Managing Director Christian Purslow and Commercial Director Ian Ayre from the Board. This has shown that Gillet and Hicks will fight every battle in order the club is not sold at this price of £300million. The debt owed to Royal Bank of Scotland (RBS) of about £285million has to be paid by October 15th. This will leave Hicks and Gillett with little or no money from the deal.
Today Liverpool FC Chairman, Martin Broughton confirmed the deal has been agreed with NESV, but not finalised. The deal still needs ratification from the Premier League but this isn’t the major hurdle that needs crossing. A legal battle from Hicks and Gillett to block the deal will be the major issue that needs resolving if this deal is to go through.
George Gillett, left, and Tom Hicks will go down fighting in this takeover battle
I feel this is some good news for us Liverpool fans because at least the club’s ownership is becoming a little clearer. I am happy that this deal is close to going through but am wary that the legal battle from Hicks and Gillett will prevent NESV from completing the deal. I am also sceptical about the finances that NESV will use to purchase the club as I would hate for them to burden the club with debt as Hicks and Gillett did.
The main expectations I hope from this deal is that finances will be provided to the manager, and also progress is going to be made on a new stadium. Overall, I feel this is good news; it can only be judged to be great news in the coming years if the club’s finances are healthy and debt-free, and the club is challenging for the major trophies once again!
This story will continue to unravel and no doubt there is more news to be released in the coming week…..
Below is the link to the BBC Sport article:
Liverpool to be bought by Boston Red Sox owners
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