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 on 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 club’s main creditors, the Royal Bank of Scotland (RBS).
During the sales process, it was reported that Mill Financial had taken over Gillett’s 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.
