Liverpool FC to be Sold to NESV
In an announcement made earlier today, the club announced that its board has agreed in principle to sell the team to NESV. The company also owns famed Amerian baseball team the Boston Red Sox.
The sale will be conditional on approval from the Premier League, to which Liverpool belongs; resolution of a dispute about board membership; and a number of other matters LFC said. The offer from NESV was one of two the club said Tuesday it had received to repay its long-term debt. It had called a board meeting Tuesday to review the bids and approve a sale. The amount of the sale wasn’t immediately disclosed, but the size of LFC’s debt is reported to be between £250-million and £280-million ($397-million and $445-million).
Liverpool is currently owned by two Americans, Tom Hicks and George Gillett. They took out loans in the club’s name to buy it in February 2007. By the sounds of things, Hicks and Gillett – who were never made to feel very welcome by the clubs’ passionate supporters – have tried to scupper any sale from going through.
Liverpool board Chairman Martin Broughton revealed problems the board has had with the two American owners, saying the pair tried “everything” to prevent the sale. Before Tuesday’s meeting, they had sought to remove two board members and replace them with Mack Hicks – reported by the Liverpool Echo to be Tom Hicks’ son – and Lori Kay McCutcheon, whom the newspaper said is vice president and financial controller of Hicks Holdings.
“By removing the burden of acquisition debt, this offer allows us to focus on investment in the team. I am only disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale,” Broughton said.
The team is presently languishing in the bottom of the English Premier League standings after having one of the worst starts to their league season ever.
Let’s hope that the sale goes through as speedily as possible and that Liverpool can get back to focussing on what they have done best since 1892 – winning matches, trophies and titles!
Up the Reds! You’ll Never Walk Alone!