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NESV secure Liverpool FC takeover

Fri 15th Oct 2010 | Clubs Ownership

New England Sports Ventures has completed its takeover of Liverpool Football Club.

After a week of tense legal battles and negotiations the news finally comes after former owners Tom Hicks and George Gillett removed the temporary restraining order blocking the £300m sale.

"I am proud and humbled," said NESV head John W Henry. "I can't tell you how happy I am. We're here to win."

However, it’s expected that Hicks and Gillett, will pursue £1bn in damages from the club, arguing the deal is "illegal".

According to the BBC the pair say they will "pursue every legal avenue" to claim damages for what they believe is an "extraordinary swindle".

A statement released by Liverpool FC revealed: "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."

The move now makes it unlikely that RBS will place the club into administration.

John W Henry, head of NESV spoke outside the offices of the law firm where the deal took place said "We're going to do a lot of listening, we have a lot to learn, and we'll walk this path together [with the fans].

"We regard our role as that of stewards for the club with a primary focus on returning the club to greatness on and off the field for the long-term.

"We are committed first and foremost to winning. We have a history of winning, and today we want Liverpool supporters to know that this approach is what we intend to bring to this great club."

Chairman Martin Broughton - who revealed he would fulfill "a transitional role while John works out how to run the club" in the foreseeable future - added in a statement: "I am delighted that we have been able to successfully conclude the sale process which has been thorough and extensive.

"The board decided to accept NESV's offer on the basis that it best met the criteria we set out originally for a new owner. NESV is buying Liverpool in order to put it on an excellent financial footing and continue to develop it internationally.

"This is a good deal which comprehensively resolves the pressing issue of the club's debt and should give staff, players and fans great confidence regarding the future of Liverpool FC."

 

 

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

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