SportBusiness.com

Legal battle looms following Liverpool sale

Liverpool co-owners Tom Hicks and George Gillett are vehemently opposing the board’s decision to accept a £300 million bid for the club from New England Sports Ventures (NESV). The agreement by directors Martin Broughton (chairman), Christian Purslow (chief executive) and Ian Ayre (commercial director) will be challenged in the High Court in the next week.

The two confirmed their commitment to selling Liverpool but said £300 million "dramatically" undervalued the club: the £300 million figure includes £200 million in writing down all acquisition debt and taking on additional working capital debts and other liabilities and will leave Hicks and Gillett with losses of £144 million.

Broughton said he was disappointed the current owners had "tried everything to prevent the deal from happening" - on Tuesday Hicks and Gillett sought to replace two members of the five-man board with their own people in a final bid to retain control.

A hearing will be held no later than next week, with any appeal expected to be heard within a matter of days and as early as tomorrow.

Broughton and Purslow were introduced to NSEV by Inner Circle Sports, the New York-based agents who brought Hicks and Gillett to the table three years ago.