Liverpool FC’s fate is once again in the hands of the High Court. Royal Bank of Scotland (RBS) has returned there in an attempt to nullify the actions of the court in Texas, the American state being the primary place of business of Kop Holdings. RBS is particularly annoyed at an injunction granted by the Texas court to stop the bank exercising its right to recall its loan. Counsel for RBS, Richard Snowden QC, described this action in court as ‘a most outrageous abuse of
Liverpool FC’s fate is once again in the hands of the High Court. Royal Bank of Scotland (RBS) has returned there in an attempt to nullify the actions of the court in Texas, the American state being the primary place of business of Kop Holdings. RBS is particularly annoyed at an injunction granted by the Texas court to stop the bank exercising its right to recall its loan. Counsel for RBS, Richard Snowden QC, described this action in court as ‘a most outrageous abuse of process.’
One possible course of action being considered by the club as distinct from RBS is to get a higher court in Texas to set aside the decision of the lower court. Considerable disruption has been caused by the actions of Hicks and Gillett, but at the end of the day, the odds are against them succeeding. New England Sports Ventures (NESV) is prepared to wait for matters to be resolved.
In a separate development, Singapore businessman Peter Lim has withdrawn his £320m bid for the club given the clear preference of the Liverpool board for NESV. Mill Financial, which now effectively controls George Gillett’s share in the club, is prepared to make a bid of £350m, including a commitment to build a new stadium. However, reports that it had also acquired the shares of Tom Hicks have been denied.
The level of global interest is reflected a request for an interview I received from Al Jazeera television.