Article Taxonomy: Takeovers

With the completion of the takeover of Liverpool by New England Sports Ventures (NESV), it’s the dawn of a new era at Liverpool after a very difficult three years for the club and the fans.

Tom  Hicks and George Gillett have backed down over the sale of Liverpool and withdrawn their restraining order in a Dallas court.   This will permit the sale of the club to New England Sports Ventures to go ahead.

They are, however, going to pursue a claim for $1 billion in damages.   It is not clear how this figure is arrived at given that their personal losses amount to £140m.

But it does look as if the long nightmare for Liverpool fans is over.

The 160th District Court in Dallas, Texas will re-convene at 1 p.m. UK time today to consider the temporary restraing injunction issued to prevent the sale of Liverpool.   Texas courts do not usually convene so early local time, but the matter needs to be resolved by 4 p.m. UK time. 

Liverpool’s American owners, George Gillett and Tom Hicks, have lost their latest battle in the High Court.   Mr Justice Floyd described their conduct as ‘unconscionable’ which is pretty strong language for a judge to use.

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

A Texas court has delayed the sale of Liverpool to New England Sports Ventures (NESV) just as it was about to take place.   A temporary restraining injunction has been granted to Tom Hicks.  Hicks is claiming $1.6bn in dollars or around £1bn which is somewhat ironic given that he is the person who has been blocking a sale.

Liverpool fans will be delighted to hear that the American owners have lost their case in the High Court.  Livepool supporters outside the court sang ‘You’ll never walk alone.’

This court decision makes it more likely that New England Sports Ventures (NESV) will become the club’s new owners, even though two other bids have been made.   There is still another court case to come, but that is unlikely to stop the sale. The owner of NESV, John Henry, declared his delight with the outcome on Twitter and congratulated Liverpool supporters.

A ruling will be given in the Liverpool case in the High Court at 10 a.m. tomorrow.  This follows a day in which learned counsel were arguing on behalf of five different parties to the dispute.    The High Court bill is estimated to have already reached £500,000 and may yet go over £1m.  However, it is important to emphasise that is one of two cases affecting the club.

The judge in the High Court case involving Liverpool has made it clear that there is unlikely to be a resolution by Friday.    Counsel for Martin Broughton said that the club were desperate to get matters resolved by then, but the judge said that would be a ‘little ambitious’.  Taken out of cautious legal code, this means it’s not on.