Former Liverpool owner regrets selling club to Americans

May 26 – Former Liverpool owner David Moores (pictured) has admitted he “hugely regrets selling the club” to George Gillett and Tom Hicks, and called for the Americans to “stand aside” and not “punish the supporters any more”.

Moores asserted that his successors – who bought the club three years ago in a deal worth £202 million ($291 million) and which saw Moores walk away with £88 million ($127 million) - ‘”risk damaging a sporting institution of global reknown and if they have a conscience or nobility they will stand aside and allow new owners to take over the club.”

The American duo leveraged the club with debt, which currently stands at £351 million ($506 million).

But Moores rejected claims that the due diligence process was not properly carried out.

“We had looked at George Gillett’s affairs in detail and he came up to scratch,” wrote Moores in a letter published in today’s edition of The Times.

“To a great extent, we took Tom Hicks on trust, on George’s say-so.”

Of the share offer, Moores contended it “was laid out in unambiguous terms… the document pledged there would be no debt placed upon the club, and significant funds would be made available for investment in the squad and the new stadium.”

In the letter, Moores accepts that “honest mistakes” were made despite him acting “in the best interests of the club”.

He added: “I call upon them to stand back, accept their role in the club’s current demise, and stand aside with dignity.”

Liverpool have just suffered one of their worst seasons in many years, with a seventh placed finish in the Premier League, along with semi-final defeat in the Europa League, and early exits in the Champions League and FA Cup.