Liverpool Takeover: Liverpool FC Bought by NESV

by Jordan Yerman | October 15, 2010 at 08:05 am

195 views | 0 Recommendations | 0 comments

Liverpool FC Takeover: New England Sports Ventures Buys Premiership Team

New England Sports Ventures (NESV), owners of the Boston Red Sox, have purchased English Premiership team Liverpool FC for $480,000,000.

Tom Hicks and George Gillett had tried to block the purchase of Liverpool FC, and they will fight the takeover. John W. Henry is the new owner of Liverpool FC, which is currently 18th in the Premiership.

Tom Hicks and George Gillett bought Liverpool FC in 2007 and spent the last year rejecting various buyout offers. However, the board wanted to sell despite Hicks' and Gillett's wishes, and RBC (which owns much of the club's debt) filed an injuction to prevent the co-owners from reshuffling the board.

Hicks and Gillett filed an injunction of their own in a Texas court, preventing the English board from committing to a deal with NESV. However, the injunction was overturned as it had "nothing to do with Texas".

John W. Henry's NESV became the legal owners of Liverpool FC at 4pm GMT on October 15.

In a statement released at 1.40pm, Hicks appeared to signal defeat, but confirmed he and Gillett will pursue a $1.6 billion damages claim as a result of the "proposed illegal sale".

A statement from Hicks' and Gillett's New York representatives announced they were suing over "an extraordinary swindle" but accepted that they had no choice but to relinquish ownership of the club.

Liverpool manager Roy Hodgson said that the new owners were welcome, and that now Liverpool FC could focus on playing soccer.

"A cloud has been lifted if the takeover is completed. Hopefully the new owners will come in, wipe out the debts and we can spend more on players, and invest in a different way to the last transfer window."