UK time is: 00:50:21
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Liverpool: Settlement Agreed With Previous Owners

Liverpool FC have confirmed that all parties involved in legal proceedings regarding the 2010 sale of the club have reached an out-of-court settlement...

The fall-out from the sale of Liverpool FC to the Fenway Sports Group (then New England Sports Ventures) in October 2010 final appears to have reached a conclusion.

At the time previous owners Tom Hicks and George Gillett tried to prevent the deal from happening, claiming the club was being sold against their will and significantly below market value.

Upon completion of the sale, the American duo subsequently took court action against a number of individuals and organisations involved in the process including the Royal Bank of Scotland and former club chairman Sir Martin Broughton.

Now however all parties involved have reached a confidential agreement which sees all allegations withdrawn and the court cases concluded.

Liverpool FC published the following statement this morning confirming the news: "In October 2010, Liverpool Football Club and Athletic Grounds Limited ('Liverpool FC') was sold to the Fenway Sports Group.

"As a consequence of that sale, Thomas Hicks and George Gillett (being the former owners of Liverpool FC) made a number of allegations and claims against Sir Martin Broughton, Christian Purslow and Ian Ayre (being the company directors responsible for the sale of Liverpool FC to the Fenway Sports Group). Those allegations and claims were denied by Messrs Broughton, Purslow and Ayre.

"The allegations, claims and denials resulted in legal proceedings being commenced.

"The parties have now agreed a settlement (the terms of which are confidential). All claims and allegations made against Messrs Broughton, Purslow and Ayre have been withdrawn by Messrs Hicks and Gillett and all legal proceedings between the parties concluded.

"The parties will not be making any further statement to the press."

Following publication of the statement Purslow, who was managing director at the time of the sale, expressed his delight at the development and thanked fans and staff for their support.

"I am delighted we can finally close this traumatic chapter in the history of Liverpool FC," said the 49-year-old who left the club in February 2011.

"I was brought in to fix the financial crisis at the club by leading the search for new owners and that is precisely what I did.

"I would particularly like to thank Sir Martin Broughton for agreeing to come to our club to lead our board at a difficult time, all my fellow Liverpool supporters, members of LFC staff and the entire football family for their unwavering support and the solidarity shown to me during my time at Liverpool - especially over the past two and half years since I stepped down."

Vital Verdict
This development is great news for the club and finally brings closure to the unhappy ownership spell of Hicks and Gillett. For most the fact that this famous club came staggeringly close to going into administration will never be forgotten. A club of almost unparalleled stature, significance and success was almost killed by two rogue cowboys who abused the trust placed in them for their own gain. The end to legal proceedings became a possibility earlier this week after it was revealed by the Liverpool ECHO that the duo needed to pay 1m as security to continue their fight. Hopefully everyone involved can now move on but this period in Liverpool's history will always be tainted as a result of the actions of Hicks and Gillett.

Follow me on Twitter @superbag

Not a Vital Liverpool member? It's a 100% free to join and get involved. Plus it only takes a few moments to sign up. Click here to become a member now!




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



Click here to join in the debate on the club forum.

The Journalist

Writer: Gavin Kelley-Day Mail feedback, articles or suggestions

Date:Friday January 11 2013

Time: 12:44PM

 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Liverpool Articles

Liverpool: Reds Draw Chelsea In Semis (Wednesday December 17 2014)

Liverpool: Scouse Of Cards (Wednesday December 17 2014)

Liverpool: Reds Draw Besiktas In Europa (Monday December 15 2014)

Stats: Manchester United v Liverpool (Sunday December 14 2014)

Liverpool: Man Utd vs. LFC Team News (Sunday December 14 2014)

Liverpool: Balotelli Accepts FA Charge (Saturday December 13 2014)

Archived Liverpool Articles

List All Vital Liverpool Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. RDD 10
2. BigRed83 9
3. The Bagman 7
4. trippymanni 2
5. pandoraclips 2
6. Artorejo7 1

League Results (view all)

League Table (view table)

Team P W D L GD Pts
8. Newcastle 16 6 5 5 -4 23
9. Swansea 16 6 4 6 2 22
10. Everton 16 5 6 5 3 21
11. Liverpool 16 6 3 7 -3 21
12. Stoke 16 5 4 7 -3 19
13. Aston Villa 16 5 4 7 -10 19
14. WBA 16 4 5 7 -5 17

Breaking League News

Liverpool: Reds Draw Chelsea In Semis
Liverpool : 17/12/2014 21:52:00
Newcastle : 17/12/2014 21:38:00
Irish Striker Arrives For Talks?
Q.P.R. : 17/12/2014 21:27:00
Striker Signs Pro Deal With QPR
Q.P.R. : 17/12/2014 21:26:00
Milner Talks Stall?
Man City : 17/12/2014 21:23:00

Current Site Poll (view all polls)

Who Will Win vs. Arsenal?
Suggested By:  The Bagman
Liverpool 0%
Arsenal 0%
Draw 0%