Takeover timeline – how the deal unfolded
LIVERPOOL Football Club is entering a new era after its takeover by New England Sports Ventures. The deal was a long time in the making with a dramatic conclusion. played out over the last 10 days.
April 2010 : Liverpool FC, which has debts of more than £200m is put up for sale by American owners Tom Hicks and George Gillett. BA chairman Martin Broughton brought in to oversee the process
August: Mr Broughton says he hopes to complete a deal by the end of the month. Hong Kong investor Kenny Huang declares an interest. Reports circulate that he is backed by the investment arm of the Chinese govermnment.
October 4: Club say two “excellent bids”, one from NESV, one from Asia have been receved.
October 5: With a deal set to be signed Hicks and Gillett seek to remove managing director Christian Purslow and commercial director Ayre from Liverpool board.
October 6: Despite the ongoing row with the owners the board agrees a £300m deal with NESV, which owns the Boston Red Sox baseball team.
October 8: FA Premier League clears NESV to continue with takeover
October 12: In a High Court hearing in London Hicks and Gillett’s lawyers admit breach of RBS contracts by trying to sack board members. The board is reconstituted to consider the bids.
October 13: Judge Christopher Floyd in the High Court in London rules against Hicks & Gillett, allowing NESV sale. With a deal minutes away Hicks and Gillett drop a bombshell by winning injunction in Texan court to halt the transaction.
October 14: A second High Court case rules that Hicks and Gillett’s injunction is ineffective. A new hearing begins in Dallas, adjourned until Friday
October 15 Hicks and Gillett withdraw their Texas action, but claim they will sue the clubs’ directors, the purchaser and lender RBS for $1.6bn. At around 4.15pm NESV finally confirms the takeover.
