The Anfield Saga
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Judge backs RBS in Liverpool ownership battle
Judge backs RBS in Liverpool ownership battle
(Reuters) - Premier League side Liverpool inched closer to a sale on Wednesday when a High Court judge ruled against their unpopular American owners and backed the club's board and its right to negotiate a deal. The ownership battle engulfing one of the world's most famous sporting institutions ended up in court after owners Tom Hicks and George Gillett tried to sack members of the board last week in a last ditch bid to keep control of the club.
The board were in the process of agreeing a 300 million pound ($477.2 million) sale to New England Sports Ventures, the owner of the Boston Red Sox, ahead of an October 15 deadline to repay over 200 million pounds worth of debt.
If the repayment date with major creditor the Royal Bank of Scotland (RBS.L) (RBS) is missed, the five-time European champions and England's most successful soccer club could be put into administration and docked 9 points.
Lawyers for Hicks and Gillett admitted to a packed London court room on Tuesday that the two men had breached their contract with RBS by trying to reshape the board but said they had been forced to do so because those members were not considering alternative offers. The two men argued they should be given more time to find a better offer. A second, higher bid emerged on Tuesday when Singapore billionaire Peter Lim said he was ready to make an increased cash bid for the club of 320 million pounds.
Lawyers for Hicks and Gillett told the court a third group, Mill Financial, had also shown an interest in the Merseyside club.
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http://www.reuters.com/article/idUSTRE69C1UG20101013
Judge backs RBS in Liverpool ownership battle
(Reuters) - Premier League side Liverpool inched closer to a sale on Wednesday when a High Court judge ruled against their unpopular American owners and backed the club's board and its right to negotiate a deal. The ownership battle engulfing one of the world's most famous sporting institutions ended up in court after owners Tom Hicks and George Gillett tried to sack members of the board last week in a last ditch bid to keep control of the club.
The board were in the process of agreeing a 300 million pound ($477.2 million) sale to New England Sports Ventures, the owner of the Boston Red Sox, ahead of an October 15 deadline to repay over 200 million pounds worth of debt.
If the repayment date with major creditor the Royal Bank of Scotland (RBS.L) (RBS) is missed, the five-time European champions and England's most successful soccer club could be put into administration and docked 9 points.
Lawyers for Hicks and Gillett admitted to a packed London court room on Tuesday that the two men had breached their contract with RBS by trying to reshape the board but said they had been forced to do so because those members were not considering alternative offers. The two men argued they should be given more time to find a better offer. A second, higher bid emerged on Tuesday when Singapore billionaire Peter Lim said he was ready to make an increased cash bid for the club of 320 million pounds.
Lawyers for Hicks and Gillett told the court a third group, Mill Financial, had also shown an interest in the Merseyside club.
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http://www.reuters.com/article/idUSTRE69C1UG20101013
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It gets even better.
OliverKayTimes Oliver Kay by KellyCates
Tom Hicks has been REFUSED the right to appeal #LFC court decision. Tail between legs. Lovely to see
OliverKayTimes Oliver Kay by KellyCates
Tom Hicks has been REFUSED the right to appeal #LFC court decision. Tail between legs. Lovely to see
ross the red
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Best possible news. Well done Purslow, Ayre, Broughton and the RBS team,
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LIVERPOOL IN THE HIGH COURT
Liverpool takeover to go ahead as owners lose case
By ESPNsoccernet staff
The High Court has ruled in favour of Royal Bank of Scotland and against Liverpool co-owners Tom Hicks and George Gillett, meaning the takeover agreed by the board with New England Sports Ventures (NESV) can go through as planned. Hicks and Gillett have been denied the right to appeal.
Liverpool supporters will be jubilant after Mr Justice Floyd rejected applications by the co-owners for an injunction to halt sale negotiations until they had attended a board meeting and there be further discussions over any sale agreement.
"I am not prepared to grant any relief," he said. "If I did it would risk stopping the sale and purchase agreement going ahead."
Instead, at RBS's request, the judge imposed injunctions on the co-owners to reconstitute the board, meaning commercial director Ian Ayre, managing director Christian Purslow and chairman Martin Broughton can approve the sale of the club to NESV.
Hicks and Gillett have been denied an avenue of appeal, so the judgement is a clear victory for RBS and the Liverpool board, led by Broughton. Mr Justice Floyd said it would be "inappropriate in the circumstances" to grant the Americans leave and that they would have to apply to the appeal court.
Purslow told Sky Sports News he was "absolutely elated, [it's] a very important day for our club." Broughton added: "We will have a board meeting this evening and proceed with the sale process."
However, Broughton would not confirm that NESV will be the new owners of the club, leaving open the possibility that Singaporean businessman Peter Lim may yet see his own £320 million offer accepted at Wednesday evening's board meeting. However, that remains very much an outside possibility.
When a takeover is completed, RBS will recoup the £237 million owed to it by the club's holding company, preventing Liverpool from going into administration and possibly incurring a nine-point deduction.
On Tuesday, Richard Snowden QC, acting for RBS, accused the two American owners of "breathtaking arrogance" as the bank claimed the pair contradicted the rules of a sales agreement when trying to remove Ayre and Purslow from the board last week. Ayre and Purslow had joined Broughton in voting to approve the sale of the club to NESV.
Hicks and Gillett admitted the sales agreement was breached but argued they were forced to take that course of action because a "sub-committee" of the board excluded them from the sales agreement and did not consider alternative offers for the club.
Following Wednesday's judgement, Ayre and Purslow will remain on the reconstituted board and a takeover can be formally approved. Hicks and Gillett stand to lose £144 million from the sale of the club that they purchased in 2007.
John W Henry, who fronts NESV, greeted the news on Twitter by writing: "Well done Martin, Christian & Ian. Well done RBS. Well done supporters!"
http://soccernet.espn.go.com/news/story?id=831953&sec=england&cc=5739
Congratulations to all Liverpool supporters!
Liverpool takeover to go ahead as owners lose case
By ESPNsoccernet staff
The High Court has ruled in favour of Royal Bank of Scotland and against Liverpool co-owners Tom Hicks and George Gillett, meaning the takeover agreed by the board with New England Sports Ventures (NESV) can go through as planned. Hicks and Gillett have been denied the right to appeal.
Liverpool supporters will be jubilant after Mr Justice Floyd rejected applications by the co-owners for an injunction to halt sale negotiations until they had attended a board meeting and there be further discussions over any sale agreement.
"I am not prepared to grant any relief," he said. "If I did it would risk stopping the sale and purchase agreement going ahead."
Instead, at RBS's request, the judge imposed injunctions on the co-owners to reconstitute the board, meaning commercial director Ian Ayre, managing director Christian Purslow and chairman Martin Broughton can approve the sale of the club to NESV.
Hicks and Gillett have been denied an avenue of appeal, so the judgement is a clear victory for RBS and the Liverpool board, led by Broughton. Mr Justice Floyd said it would be "inappropriate in the circumstances" to grant the Americans leave and that they would have to apply to the appeal court.
Purslow told Sky Sports News he was "absolutely elated, [it's] a very important day for our club." Broughton added: "We will have a board meeting this evening and proceed with the sale process."
However, Broughton would not confirm that NESV will be the new owners of the club, leaving open the possibility that Singaporean businessman Peter Lim may yet see his own £320 million offer accepted at Wednesday evening's board meeting. However, that remains very much an outside possibility.
When a takeover is completed, RBS will recoup the £237 million owed to it by the club's holding company, preventing Liverpool from going into administration and possibly incurring a nine-point deduction.
On Tuesday, Richard Snowden QC, acting for RBS, accused the two American owners of "breathtaking arrogance" as the bank claimed the pair contradicted the rules of a sales agreement when trying to remove Ayre and Purslow from the board last week. Ayre and Purslow had joined Broughton in voting to approve the sale of the club to NESV.
Hicks and Gillett admitted the sales agreement was breached but argued they were forced to take that course of action because a "sub-committee" of the board excluded them from the sales agreement and did not consider alternative offers for the club.
Following Wednesday's judgement, Ayre and Purslow will remain on the reconstituted board and a takeover can be formally approved. Hicks and Gillett stand to lose £144 million from the sale of the club that they purchased in 2007.
John W Henry, who fronts NESV, greeted the news on Twitter by writing: "Well done Martin, Christian & Ian. Well done RBS. Well done supporters!"
http://soccernet.espn.go.com/news/story?id=831953&sec=england&cc=5739
Congratulations to all Liverpool supporters!
Fantastic News for Liverpool, the only bad thing is that the current season is basically over for Liverpool. Just hope they get back on track for an Europa League spot. Apparently they will invest heavily in the winter transfer window.
i think the judge ruled they cant appeal, even though it would be funny to see them appeal and lose again.
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