LONDON (AP) - The battle for control of Liverpool went to court on Tuesday, with a bank trying to force through the sale of the Premier League club to the owners of the Boston Red Sox over the objection of the current American owners.
Royal Bank of Scotland, which holds the bulk of Liverpool’s debt, is seeking a court order preventing co-owners Tom Hicks and George Gillett Jr. from removing two of the three rival board members supporting a 300 million-pound ($476 million) sale to the Boston group.
The case was being heard in London's High Court before a standing-room crowd that included dozens of reporters and even a Liverpool fan wearing a red club shirt.
Hicks and Gillett claim the proposed sale to New England Sports Ventures, headed by financier John Henry, undervalues the club, but the group has already signed a binding takeover agreement with the three board members.
RBS wants the sale to the Red Sox ownership group to proceed and has already held off from putting Liverpool into financial administration, a form of bankruptcy protection which would lead to the club being docked nine points by the Premier League.
Liverpool, which won the last of its 18 English league titles in 1990, is off to its worst start to a season since 1953 and is mired in the relegation zone.
Separate legal action may be required by Broughton to assert his legal power to sell the club.
If Liverpool goes into administration, Lim hopes to outmaneuver the Boston bidders with an improved offer.
Lim was ranked 655th on Forbes magazine’s list of global billionaires in March with a net worth of $1.5 billion.View Entire Story
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