Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

BREAKING - RBS issue statement on Liverpool ownership battle

Mon 11th Oct 2010 | Legal

RBS STATEMENT

RBS in its capacity as lender to the Kop group of companies received the benefit of various contractual undertakings from Mr. Hicks and Mr. Gillett in relation to the corporate governance arrangements that Mr. Hicks and Mr. Gillett agreed would apply to the Kop group of companies with effect from April 2010.

Those undertakings provided for the appointment of Mr Broughton as chairman of the board and the appointment of the chief executive and commercial director of LFC to the Kop boards.

As is well known, Mr. Hicks and Mr. Gillett purported to make changes to those corporate governance arrangements on 4 October. This was in breach of those contractual undertakings.

In light of that purported breach of contract RBS sought and obtained on Friday 8 October 2010 an interim injunction against Mr. Hicks and Mr. Gillett until a further hearing scheduled for tomorrow.

Among other things, that interim injunction prevents Mr. Hicks or Mr. Gillett taking any steps to remove or replace Mr. Broughton from his position as chairman of the board of the Kop companies or from taking any other steps to appoint or remove any directors from the board of the Kop companies.

The proceedings tomorrow represent the continuation of Friday’s proceedings and relates to breach of contract only. These proceedings do not represent steps by RBS to enforce its security or to appoint an administrator.

We are unable to provide any visibility on timing for resolution of these proceedings at this stage.

STATEMENT ENDS

 

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Supreme Court Rules Against Rangers in 'Big Tax Case'

Wed 5th Jul 2017 | Legal

The Supreme Court has ruled in favour of HMRC over Rangers’ use of Employee Benefit Trusts (EBTs) between 2001 and 2010. In its judgement over the use of EBTs, the Supreme Court upheld...

Legal Comment: Football’s Deep Filled Problem With Gambling

Fri 24th Feb 2017 | Legal

On 20 February 2016, the FA Cup fixture between Sutton United and Arsenal turned into a media frenzy and one to remember, for all the wrong reasons. Laura McCallum, solicitor at Harper Macleod...

Manchester City Charged Over Anti-Doping Rule Breaches

Thu 12th Jan 2017 | Legal

The Football Association (The FA) have charged Manchester City for failing to ensure anti-doping officials knew where players were for drugs testing. Manchester City have been charged for failing to...

Hitchin Town Player Sacked For Abusive Tweets

Wed 4th Jan 2017 | Legal

Alfie Barker has been sacked by Hitchin Town and is under investigation by the Football Association after vile messages from his Twitter account were sent to AFC Bournemouth and Republic of Ireland...