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Former Liverpool co-ower, Gillett sued by hedge-fund

Mon 22nd Nov 2010 | Money & Finance

Former Liverpool FC co-owner George Gillett is being sued for $117 million over a loan used to invest in the Premier League club according to Soccerex daily.

 

It’s understood that US-based hedge fund Mill Financial took legal action against Gillett as it claims the American failed to repay a $70-million loan due on August 13 at a 19-per-cent interest rate.

 

Gillett and American co-owner Tom Hicks lost a High Court case to prevent Liverpool from being sold to the US company New England Sports Ventures in a £300-million deal they believed was undervalued, but that was forced by the clubs main creditors, the Royal Bank of Scotland (RBS).

 

During the sales process, it was reported that Mill Financial had taken over Gilletts stake in Liverpool as he had failed to repay the loan. It also emerged that the fund held discussions with the Liverpool board and RBS about buying the Premier League club.

 

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