NESV complete Reds takeover

Sale finally goes through after week of drama

By Peter O'Rourke   Last updated: 15th October 2010   Subscribe to RSS Feed

NESV complete Reds takeover

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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Comments (6)

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Kevin B (Liverpool fan) says...

How very fitting it is for a man with ''''red sox'''' to step into a pair of Liverpool football boots. Thank you, Mr Henry!

Posted 16:57 15th October 2010

Ross Campbell (Liverpool fan) says...

Absolutely delighted with this great news. Hopefully these Americans can do better than the ones that had just left. Thankyou NESV for buying my beloved Liverpool.

Posted 16:56 15th October 2010

Michael Bagonda (Liverpool fan) says...

I have been eagerly waiting for this moment. I am sure things are going to change for the better.

Posted 16:55 15th October 2010

Denvor Naidoo (Liverpool fan) says...

You have to applaud , RBS, Broughton, Purslow, Ayre, the Premier League and the British legal system in making sure justice prevailed. Not only did they save this historic British icon they have sent out a clear message to prospective football club owners. YNWA

Posted 16:48 15th October 2010

Steven Crabb (Leeds United fan) says...

Such a good move for Liverpool I hope it makes them great again.

Posted 16:46 15th October 2010

Kate Smith (Liverpool fan) says...

Thanks goodness this is a done deal!! I am sure this won''''t be the last we hear from these two greedy men as they persue their "epic swindle" claim but what a relief - Hicks and Gillett are out of my club and hopefully now Liverpool FC is in the right hands!! Happy times!! Bring on the merseyside derby!!

Posted 16:45 15th October 2010

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