| Liverpool FC suitor, John Henry, offers removal of club's debt Acquisition of Liverpool Football Club by owner of Boston Red Sox could see Hicks and Gillett lose £144m in loansAn extraordinary two days at Liverpool Football Club have tonight left its fans with the prospect of a debt free club and its American owners facing a court battle against their own board and the possible loss of £144m following a takeover bid from the owners of the Boston Red Sox baseball team.Liverpool's board agreed this morning to sell the club to John Henry's New England Sports Ventures (NESV) group, though the current owners, Tom Hicks and George Gillett, have said that they intend to oppose the deal, which they say "dramatically undervalues the club".NESV tonight promised to give the club "the resources to build for the future, including the removal of all acquisition debt " and to "bring back the culture of winning" if and when its purchase goes through.Hicks and Gillett stand to lose their £144m loans to Liverpool if the proposed sale of the club goes through next week.The deal with Henry is valued at £300m which incorporates £200m to repay debt owed to the Royal Bank of Scotland, £40m to cover non-banking liabilities and £60m in debts relating to the planned development of the proposed new Anfield stadium in Stanley Park.This leaves no room for the repayment of the loans which Hicks and Gillett made to Liverpool, which stood at £144m on 31 July 2009, the date of the club's last published accounts. With Hicks and Gillett having been keen also to turn a profit from any sale of their shares in Liverpool, the reality that they are now set to make a huge loss, makes it clear why the Americans are so resistant to the deal with Henry.Martin Broughton, the Liverpool chairman, has insisted that an attempt by the club's owners to frustrate the sale of the club is a "flagrant abuse" of "written undertakings" and that he is the only person entitled to do such a thing.An NESV statement tonight highlighted its success with Boston Red Sox, who have won the World Series twicesince they they took over in 2002. "Our portfolio of companies are all committed to one common goal: winning," the companies writes. It pledges to "stabilise the club and ultimately return [them] to their rightful place in England, and European football, competing for and winning trophies". No mention is made of the possible redevelopment of Anfield.The Premier League released a statement this afternoon confirming Liverpool's intention to change owners. "We can confirm that Liverpool FC has formally notified the Premier League of an intended change of control and that the board has undertaken to complete all the necessary processes by Friday 8 October so that the sale of the club can proceed," said a spokesperson.Legal action is expected to proceed next week to decide on whether the Liverpool board acted validly in completing the sale of the club.LiverpoolBoston Red SoxPremier LeagueUS sportDavid ConnSimon Burntonguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
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