Moores quits Reds board
Former Liverpool chairman David Moores has resigned from the club's board of directors. Moores, whose family became one of the richest in Britain with the creation of the Littlewoods empire, took the role of chairman in 1991. However, with the club in need of increasing investment he sold his majority shareholding to current American owners George Gillett and Tom Hicks two years ago. The move proved to be an unpopular one among fans after the pair borrowed ¦pound;350million to finance the takeover and then grand plans for a new stadium were continually delayed. Moores himself admitted last year he felt "heartbroken and let down" by the owners, and his disappearance from the board follows the decision by chief executive Rick Parry - who helped negotiate the takeover with Gillett and Hicks - to step down this summer after 12 years at the club. Despite quitting the board Moores will retain his position as honorary life president.
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