Liverpool FC accepts Red Sox takeover bid amid war with owners
LIVERPOOL Football Club said today it had agreed a sale with New England Sports Ventures – the owners of the Boston Red Sox Baseball team.
However, the deal could be blocked in the courts by American owners Tom Hicks and George Gillett, who last night tried to sack managing director Christian Purslow and commercial director Ian Ayre. Along with chairman Martin Broughton they want to sell the troubled club and clear its £280m debts.
In a statement this morning Mr Broughton said: “I am delighted that we have been able to successfully conclude the sale process which has been thorough and extensive.
“The board decided to accept NESV’s proposal on the basis that it best met the criteria we set out originally for a suitable new owner. NESV’s philosophy is all about winning and they have fully demonstrated that at Red Sox.
“We’ve met them in Boston, London and Liverpool over several weeks and I am immensely impressed with what they have achieved and with their vision for Liverpool Football Club.
“By removing the burden of acquisition debt, this offer allows us to focus on investment in the team.”
Mr Broughton hit out at Hicks and Gillett, adding: “I am only disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale.”
It is understood that the New England Sports Ventures, values Liverpool at around £300m. NESV, fronted by the multi-millionaire John W Henry, owns a portfolio of companies including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Rousch Fenway Racing.
Despite its £280m of debt – which has to be refinanced later this month – is valued much higher by Mssrs Hicks and Gillett – whose stance has enraged supporters’ groups.
Mr Hicks wanted to refinance the debt himself, but the deadline for the repayment of the loans to Royal Bank of Scotland is October 15.
In a statement last night Hicks and Gillett said: “The owners have invested more than $270m 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.
“As such, the board has been presented with offers that we believe dramatically undervalue the club. 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.
“We will however resist any attempt to sell the Club without due process or agreement by the owners.”
North West accountant Michael Jayson, a leading figure in the collective fans’ group SOS Share Liverpool, which is seeking to raise the finance to make a bid itself, said of the current situation: “Nothing would surprise me any more with the way this sales process has gone so far.
“As we speak the fans groups are putting together a bid, which I think will be viable. There are six million fans and we only need a small proportion to invest.”
On the pitch Liverpool, one of the world’s most famous clubs, could not have made a much worse start to the current season and is in the relegation zone after Saturday’s shock home defeat to Blackpool.
