16 Oct 2010

Liverpool Football Club has new owners

6:35 pm on 16 October 2010

Liverpool Football Club has new owners: New England Sports Ventures (NESV), owners of the Boston Red Sox baseball team, have bought it for $635 million.

A temporary restraining order blocking the deal was lifted by a court in Dallas, Texas, on Friday morning, allowing allows the Royal Bank of Scotland to be paid the $500 million it is owed.

A statement issued by the club said the transaction values eliminates all of the acquisition debt placed on the club by its previous owners and reduces its debt-servicing obligations from about $50 million a year to no more than $5 million.

The BBC reports that, in turn, Liverpool's holding company is unlikely now to be put into administration.

NESV head John W Henry says: "We regard our role as that of stewards for the club with a primary focus on returning the club to greatness on and off the field for the long term.

"We are committed first and foremost to winning. We have a history of winning, and today we want Liverpool supporters to know that this approach is what we intend to bring to this great club."

The former American owners, Tom Hicks and George Gillett, who fought to block the sale, say they'll sue NESV for damages, because they believe the sale will be illegal.