Hicks and Gillett drop case
Tom Hicks and George Gillett have dropped their restraining order, but they are still fighting NESV's proposed takeover of Liverpool.
Last Updated: 15/10/10 12:53pm
Tom Hicks and George Gillett have dropped their restraining order, but they are still fighting New England Sports Ventures' proposed takeover of Liverpool.
Hicks and Gillett's court order, obtained in Texas, appeared to be the last hurdle preventing NESV from completing their £300million buy-out of the Anfield club.
NESV supremo John W Henry, who also owns the Boston Red Sox, confirmed on Friday that they were still pursuing the case in Dallas, but now it has emerged that this action has been dropped, as was instructed by the High Court in London on Thursday.
Now it has been confirmed that the restraining order has been dropped, although the judge in the Dallas court still needs to sign the documentation.
"A motion has been filed with the U.S. court seeking the lifting of the temporary restraining order," Keith Oliver, senior partner at London law firm Peters and Peters said.
"That has been filed electronically. It has to be signed by the judge and will take effect formally after he signs the document."
However, it is understood that Hicks has done this in order to sell his share in the club to Mill Financial, who already own Gillett's stake in the club after he defaulted on his debt to the American hedge fund.
Should Mill Financial take full control, then they would be then in a position to pay-off the debts of £280million to Royal Bank of Scotland, which are due on Friday.
RBS have publicly backed NESV's proposed buy-out, but should Mill take full control then the situation could change as they may be able to halt the sale and seize power.
The latest twist comes as the Dallas court case was due to resume at 1pm BST, but that now appears unlikely to proceed.