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Liverpool owners lose High Court case
13 Oct 2010 - 11:07:10
The High Court has paved the way for the sale of Liverpool Football Club by ruling against current co-owners Tom Hicks and George Gillett.
The decision by Judge Christopher Floyd to side with major creditor the Royal Bank of Scotland brings the sale of the club to the owners of the Boston Red Sox a major step closer.
Last week the board of the Anfield club, led by independent chairman Martin Broughton, agreed a £300million sale with their parent company, New England Sports Ventures (NESV).
Hicks and Gillett challenged the agreement in the courts after claiming the deal undervalued the club.
However, the High Court ruling has given NESV the green light to complete their takeover of a club which finds itself around £230million in debt following the American duo's unpopular three-and-a-half year reign.
NESV has agreed to pay off the debt owed to RBS and has pledged to rebuild the ailing club.