LONDON – Premier League side Liverpool inched closer to a sale yesterday when a High Court judge ruled against their unpopular American owners and backed the club’s board and its right to negotiate a deal.
The ownership battle engulfing one of the world’s most famous sporting institutions ended up in court after owners Tom Hicks and George Gillett tried to sack members of the board last week in a last ditch bid to keep control of the club.The board were in the process of agreeing a 300 million pound (US$477.2 million) sale to New England Sports Ventures, the owner of the Boston Red Sox, ahead of an October 15 deadline to repay over 200 million pounds worth of debt.If the repayment date with major creditor the Royal Bank of Scotland (RBS) is missed, the five-time European champions and England’s most successful soccer club could be put into administration and docked 9 points.Lawyers for Hicks and Gillett admitted to a packed London court room on Tuesday that the two men had breached their contract with RBS by trying to reshape the board but said they had been forced to do so because those members were not considering alternative offers.The two men argued they should be given more time to find a better offer.A second, higher bid emerged on Tuesday when Singapore billionaire Peter Lim said he was ready to make an increased cash bid for the club of 320 million pounds.Lawyers for Hicks and Gillett told the court a third group, Mill Financial, had also shown an interest in the Merseyside club. – Nampa-Reuters
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