.jpg)
By Andrew Warshaw
February 10 – Former Liverpool owners Tom Hicks and George Gillett are seeking more than $1 billion (£622 million) in damages in the London courts for being forced to sell the club for £300 million ($482 million) to NESV, the owners of the Boston Red Sox baseball team.
The two Americans are challenging an October ruling which Hicks, who valued the club at £800 million ($1.3 billion), described at the time as an “epic swindle” .
The Americans’ departure followed three years of acrimony, with fans increasingly unhappy at the way the club was being run.
But the pair believe they are due compensation, while Hicks wants damages from former club directors and Royal Bank of Scotland.
During their ownership Hicks and Gillett faced continuous fan protests over rising debts and the failure to build a new stadium.
Last season, the club failed to qualify for the Champions League for the first time since 2003.
After initially looking for fresh investment, Hicks and Gillett reluctantly agreed to sell the club, but were looking to make a handsome profit.
Fellow board members took the view that the price they wanted was wholly unrealistic, and forced through the sale to NESV.
Contact the writer of this story at zib.l1734803203labto1734803203ofdlr1734803203owedi1734803203sni@w1734803203ahsra1734803203w.wer1734803203dna1734803203
Related stories
November 2010: Mihir Bose – Liverpool story still has a long way to run
October 2010: We are in this for the long-term, insist new Liverpool owners