Liverpool future in doubt after Texas court backs Hicks and Gillett

October 13 – Liverpool’s future remains shrouded in dispute after Tom Hicks and George Gillett tonight went to a court in Texas to try to block the sale to New England Sports Ventures (NESV), owners of the Boston Red Sox.

Earlier in the day, months of uncertainty appeared to be drawing to a close earlier in the day when the ruling cleared the sale of the debt-laden Premier League club and red-clad fans celebrated outside the court that they would soon have new owners.

But Hicks and Gillett filed a lawsuit in Texas, claiming damages of $1.6 billion for the “epic swindle” of trying to sell the club at a knockdown price.

The independent directors consider the restraining order to be unwarranted and damaging and will move as swiftly as possible to seek to have it removed,” Liverpool said in a statement.

Before the London hearing, the Board was in the process of agreeing a £300 million-pound ($477 million) sale to NESV ahead of an October 15 deadline to repay over £200 million worth of debt.

It had also received an increased £320 million offer from Singapore billionaire Peter Lim, who confirmed he was still interested in the deal.

“They conspired to devise and execute a scheme to sell LFC to NESV at a price they know to be hundreds of millions of dollars below true market value [and well below Forbes magazine’s recent independent $822 million valuation of the club],” a statement issued by Hicks’s spokesman Mark Semer said.

Earlier in the day, fans wearing the club’s red shirts and scarves had pushed with journalists to get into the tiny oak-panelled court room to hear Justice Floyd deliver his almost hour-long verdict.

The stone corridors around Court 18 were also teeming with spectators straining to hear and make sense of the judgment.

“We’re delighted with the result,” Liverpool chairman Martin Broughton said after emerging from court, shouting over the noise of singing fans.

“Justice has been done.

“This will clear the way for the sale.”

The ownership battle engulfing one of the world’s most famous sporting institutions ended up in court after Hicks and Gillett tried to sack members of the board last week in a another late bid to keep control of the club.

The judge said the pair had been guilty of the “clearest possible breach” of corporate governance rules and did not grant the pair the right to appeal although they can still go to the Court of Appeal.

NESV maintained this week that they had a binding agreement to buy the club.

“We are ready to move quickly and help create the stability and certainty which the club needs at this time,” NESV said.

“It is time to return the focus to the club itself and performances on the pitch.”

If the repayment date with major creditor the Royal Bank of Scotland (RBS) had been missed, the five-times European champions could have been put into administration and docked nine points by the Premier League, which would leave them bottom of the table with minus three points.