Source: Team_Talk
Civil war breaks out at Liverpool
iverpool owners Tom Hicks and George Gillett have blocked the sale of the club and attempted to remove two members of their own board.[LNB] Two new bids for the Anfield outfit were tabled earlier in the day, both of which have been described as 'excellent' by the Premier League club.[LNB]Liverpool's board were due to meet to discuss the offers and give the green light for a change of ownership, with both prospective buyers promising to pay off the club's £282million debts.[LNB]But in an astonishing move from American duo Hicks and Gillett, they turned down the chance of a sale and have now attempted to remove managing director Christian Purslow and commercial director Ian Ayre from the decision-making process.[LNB]A statement on the club's official website read: "The board of directors have received two excellent financial offers to buy the club that would repay all its long-term debt.[LNB]"A board meeting was called today to review these bids and approve a sale. [LNB]"Shortly prior to the meeting, the owners - Tom Hicks and George Gillett - sought to remove managing director Christian Purslow and commercial director Ian Ayre from the board, seeking to replace them with Mack Hicks and Lori Kay McCutcheon.[LNB]"This matter is now subject to legal review and a further announcement will be made in due course.[LNB]"Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the club at the earliest opportunity."[LNB]It is believed that one of the offers has come from the owners of the Boston Red Sox baseball team, while the other is from a Far East consortium.[LNB]Hicks and Gillett are seeking a figure in the region of £600million but need to find a buyer before October 15 to repay their £282million loans to the Royal Bank of Scotland and Wachovia.[LNB]If they are unsuccessful then RBS are poised to take control of Liverpool, the asset against which the loans are secured, and sell the club themselves to recoup their cash.[LNB]The American duo have become increasingly unpopular with Anfield supporters, who blame their on-field woes on the behind-the-scenes bickering which exploded further on Tuesday evening.[LNB]New manager Roy Hodgson was appointed in the summer following the departure of Rafa Benitez but has come under fire himself after the Carling Cup humiliation at the hands of Northampton and Sunday's dismal home defeat by Blackpool.[LNB]One of the bids received is reported to be from Boston Red Sox owner John[LNB]Henry's New England Sports Ventures, while the suggestion is the other comes from Asia, most likely China.[LNB]"The board of directors have received two excellent financial offers to buy the club that would repay all its long-term debt," said the statement.[LNB]"A board meeting was called today to review these bids and approve a sale.[LNB]"Shortly prior to the meeting, the owners - Tom Hicks and George Gillett - sought to remove managing director Christian Purslow and commercial director Ian Ayre from the board, seeking to replace them with Mack Hicks and Lori Kay McCutcheon.[LNB]"This matter is now subject to legal review and a further announcement will be made in due course.[LNB]"Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity."[LNB]There has been a division on the board from the moment Hicks and Gillett announced in April they wanted to end their torturous three-year tenure at Anfield but that split has now turned into a chasm.[LNB]Broughton was appointed as independent chairman as part of the sale process, ensuring the Americans no longer had a majority vote and could not prevent a sale that was in the best interests of the club.[LNB]Central to the whole saga has been next week's looming deadline for the repayment or refinancing of £282million of loans - owed principally to the Royal Bank of Scotland.[LNB]Hicks has been trying to hold on to power by attempting to raise capital to pay off or reduce the debt but has so far unsuccessful.[LNB]He still believes there is a profit to be made from the sale of Liverpool but, with the prospect of RBS having to call in their debt and possibly take control at Anfield, the price the club is actually worth has been falling by the week.[LNB]The Americans know if the bank steps in then they will receive nothing, hence the move to restructure the board to buy them more time.[LNB]But with the trio based in England determined to push through the sale and the overtly-positive terminology used to described the two bids - the first time the club have officially confirmed formal interest - it appears this is the beginning of the end for Hicks and Gillett.[LNB]The only stumbling block which may delay the process is the legal review and uncertainty over the status of the current Liverpool board.[LNB]Hicks and Gillett released their own statement in response to the club's.[LNB]"In April, we confirmed our agreement to sell Liverpool Football Club, and appointed a new chairman and advisers to oversee the process," it said.[LNB]"At that time we and Martin Broughton stated our commitment to finding the right buyer for LFC, one that could support and sustain the club in the future. We remain committed to that goal.[LNB]"The owners have invested more than 270 million US dollars in cash into the club, and during their tenure revenues have nearly doubled, investment in players has increased and the club is one of the most profitable in the EPL.[LNB]"As such, the board has been presented with offers that we believe dramatically undervalue the club.[LNB]"To be clear, there is no change in our commitment to finding a buyer for Liverpool Football Club at a fair price that reflects the very significant investment we've made.[LNB]"We will, however, resist any attempt to sell the club without due process or agreement by the owners."
