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NESV complete Reds takeover

Sale finally goes through after week of drama

By Peter O'Rourke.   Last Updated: 15/10/10 5:16pm

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Henry shakes on the deal with Martin Broughton

Henry shakes on the deal with Martin Broughton

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Liverpool have confirmed New England Sports Ventures have completed their £300million takeover of the club.

After a week of drama off the pitch John Henry's NESV have finally completed their takeover of the club after Tom Hicks and George Gillett accepted defeat in their bid to prevent a sale.

American duo Hicks and Gillett lifted the final obstacle standing in NESV's way by removing the restraining order they won in a Texas court to block the proposed sale.

However, Hicks and Gillett have announced they plan to sue for "at least $1.6billion" for "an extraordinary swindle".

Hicks, who believes the NESV sale undervalues Liverpool, had been trying to sell his stake to Mill Financial, a USA-based hedge fund, so they could pay the club's debt to the Royal Bank of Scotland and scupper the takeover.

Mill Financial had approached the Premier League to take the mandatory owner's test on Thursday, but were rejected when the league told the fund they could only take instruction from the Liverpool board, led by chairman Martin Broughton, who have already agreed to sell to NESV for £300m.

NESV's takeover means the Royal Bank of Scotland will be paid the £237million they are owed and the threat of administration is avoided.

Liverpool's board agreed to sell the club to NESV for £300million last week, but the deal was upheld as Hicks and Gillett opposed the deal.

The news ends Hick's and Gillett's turbulent ownership of the club after three-and-a-half years at the club but almost certainly not an end to the saga.

Liverpool boss Roy Hodgson welcomed the takover by NESV at his press conference and the news is a major boost ahead of this weekend's Merseyside derby.

A club statement read: "New England Sports Ventures announces that it has completed the purchase of Liverpool Football Club. NESV wishes to extend its sincere gratitude to the Board of Liverpool FC for their diligence and their efforts on behalf of the Club and its supporters.

"The transaction values the Club at £300m and eliminates all of the acquisition debt placed on LFC by its previous owners, reducing the Club's debt servicing obligations from £25m-£30m a year to £2m-£3m.

"New England Sports Ventures is committed to winning and currently owns a portfolio of companies, including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Roush Fenway Racing."

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