Source: Daily_Mail
Liverpool takeover struggle takes fresh twist as Peter Lim puts biggest offer on table
The Liverpool takeover struggle has taken another dramatic twist as Peter Lim raised his offer for the crisis club to £320million on the day the High Court showdown kicked off.[LNB]The club's major creditors Royal Bank of Scotland took on current owners Tom Hicks and George Gillett in court, where they have been accused of 'breathtaking arrogance' over their attempts to change the structure of the board.[LNB]The judge later revealed that a ruling will be delivered at 10.30am on Wednesday.[LNB]But the drama in the court is now threatened to be overshadowed by Lim's improved offer, which is bigger than that of prospective owner John W Henry. His company New England Sports Ventures had a £300m offer accepted last week against the wishes of Hicks and Gillett.[LNB] Anger: A group of Liverpool supporters gather outside the High Court[LNB] Singapore businessman Lim's cash-onlyoffer - made to Liverpool chairman Martin Broughton - is £320m, with a further £40m promised for player transfers. Lim claims his deal will remove the £200m debts taken on by the existing owners.[LNB]In a statement, Lim said: 'I respect and admire Liverpool Football Club, which is steeped in tradition and history. I am committed to rebuild the club so that it can soon regain its position at the pinnacle of English and European football, where it truly belongs.[LNB]'This is why I have stepped forward with this offer. I believe that if its massive debt burden can be removed, the club would be able to focus on improving its performance onthe pitch.[LNB]Big day: Martin Broughton arrives[LNB]'My offer pays off the existing owners' bank acquisition debtand also frees the club of its own bank debt. If the board accepts thisoffer, the monies are available immediately thereby removing the threatof administration.[LNB]'The club needs to strengthen its existing squad. As part of this offer, I will be injecting £40m in cash into the club for Roy Hodgson to bring in new players during the upcoming transfer window. Liverpool needs to start winning again![LNB]'My offer provides a firm financial platform from which the club can rebuild. Given the manner in which the sale process has been handled, I feel Martin and the board owe it to me,to the club, and to the supporters, to consider my offer.'[LNB]At the High Court, Mr Justice Floyd said he would adjourn his ruling after a day of courtroom clashes between the American owners, club directors and its major creditor, the Royal Bank of Scotland.[LNB]RBS lawyers accused owners Tom Hicks and George Gillett of changing the running of the club to 'frustrate' its sale this Friday.[LNB]Paul Girolami QC, representing the American owners, said his clients 'were not trying to throw a spanner in the works' of the proposed sale deal.[LNB]He said there had been other offers for the club which potentially were better than the one wrongly approved by the board.[LNB]Richard Snowden QC, representing RBS, said the American owners now admitted 'a calculated breach of contract' by seeking to change the constitution of the football companies controlling the club and the boards involved without the consent of the bank.[LNB]He said this was 'to frustrate the sale necessary to repay the bank £200 million by this Friday'.[LNB] Improved offer: Peter Lim wants to buy Liverpool[LNB]The bank secured an injunction on Fridayto prevent the Americans sacking independent chairman Martin Broughton or any other board members.[LNB]Mr Snowden said Mr Hicks filed evidence that if RBS did not like what hewas doing, then it could enforce its security rights.[LNB]'This would derail the carefully planned process designed to achieve a sale of the club in a timely manner.'[LNB]He said that plan would not carry the risk of Liverpool losing the nine points deducted by the Premier League when a team goes into administration.[LNB] Support: Fans stand outside the courthouse on the opening day[LNB] The judge was asked to impose injunctions on the owners requiring them to restore the original constitutions of the companies and managing directors.[LNB]This would remove the final stumblingblock to a £300 million takeover by New England Sports Ventures (NESV), which will see the RBS recoup itsoriginal £237 million loan to Mr Hicks and Mr Gillett when they bought the club in March 2007.[LNB]The bank say that when the American owners renegotiated an extension to the refinancing to allow a sale to be completed, they agreed that Mr Broughton could come in alongside managing director Christian Purslow and commercial director Ian Ayre.[LNB]This gave them a three-to-two majority to prevent the Americans blockingany sale they did not feel was in their interests.[LNB] Pet sounds: A dog is draped in a Liverpool flag outside the court[LNB]It was also made clear that Mr Broughton was the only person who could change board members, so when Mr Hicks tried to sack the English directors last week on the eve of the meeting to approve the NESV bid, the chairman rejected the move.[LNB]Mr Snowden said evidence filed to thecourt showed 'breathtaking arrogance on the part of Mr Hicks and Mr Gillett'.[LNB]Mr Girolami, opposing an immediate injunction, said all the issues involved needed more time to determine and 'should not be rushed into'.[LNB]'What has happened is that the English directors have gone forward with the NESV bid without properly considering alternatives when those alternatives at least appear to give better prospects.'[LNB]Lord Grabiner QC, representing the Liverpool football club companies, said his clients were supporting the RBS application and wanted to see the issues resolved by the end of this week.[LNB]He told the judge: 'No court stops a board from acting as it sees fit inthe best interests of the company.'[LNB][LNB] John Henry targets swift end to Liverpool's legal battle as crisis club heads to the High CourtLiverpool head for High Court showdown as billionaire Peter Lim emerges as late bidderLIVERPOOL FC
